Choi Tae-won Pays Condolences for Late Chairman Jo Seok-rae: "A Businessman Ahead of His Time"

Memorial Message on the Korea Chamber of Commerce Website
Condolences Offered at the Funeral Hall Around Noon

Choi Tae-won, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry, mourned the late Cho Seok-rae, Honorary Chairman of Hyosung Group, who passed away on the 29th of last month, calling him "a true entrepreneur ahead of his time and an insightful leader," and said, "In difficult times, we will remember the management pioneer 'Cho Seok-rae' and the private diplomat 'Cho Seok-rae.'"

According to the business community on the 1st, Chairman Choi expressed his condolences in a memorial post on the Korea Chamber of Commerce and Industry's website the day before, saying, "Our economic community is overwhelmed with sorrow at the sudden heartbreaking news," and added, "Losing such an excellent leader at a critical time when the economy must make a leap forward is not only a great loss to the business community but also to our society."

SK Group Chairman Chey Tae-won is heading to the funeral hall of the late Cho Seok-rae, Honorary Chairman of Hyosung Group, set up at Severance Hospital in Seodaemun-gu, Seoul, on the afternoon of the 1st.
[Photo by Yonhap News]

Chairman Choi had a long-standing friendship with Honorary Chairman Cho, having worked together for many years, including when Cho served as Chairman of the Federation of Korean Industries (now the Korea Economic Association) from 2007 to 2011, while Choi was Vice Chairman of the Federation from 2005 to 2017.

Chairman Choi introduced the late chairman's philosophy that "economic development and the future of enterprises lie in technological development capabilities to secure core technologies." He recalled, "The dedication, passion, and insight he showed in the textile industry and advanced materials sector laid the foundation for South Korea to achieve global number one industrial competitiveness today. Establishing the country's first private technology research institute in 1971, at a time when there was barely a proper production plant and everyone struggled to make a living, became a model of entrepreneurship and enlightened us on the importance of not just technology-based companies (技術立社) but technology-based nation-building (技術立國)."

Chairman Choi also mentioned Honorary Chairman Cho's role not only as a "management pioneer" but also as a "private diplomat."

He stated, "He demonstrated exceptional insight in reading the flow of the global economic order," and added, "He significantly contributed to strengthening the global competitiveness of our companies by serving as Chairman of the Korea-US Business Council and Chairman of the Korea-Japan Economic Association."

He continued, "Based on his global network in the private sector, he devoted himself to economic diplomacy as a private diplomat, invigorating national cooperation tasks such as the Korea-US Free Trade Agreement (FTA) and improving Korea-Japan relations, thereby laying the foundation for Korea as an economic powerhouse," and said, "He was a person with a true vision for Korea's role in the international community."

He also said, "In times like these, when economic uncertainty is high due to geopolitical risks, his absence is felt even more deeply," and added, "Given the significant legacy he left behind, he will be remembered for a long time to come."

Chairman Choi said, "His perseverance, expressed in the phrase 'One reason why it works is more important than 100 reasons why it doesn't,' is a virtue that is even more necessary for today's entrepreneurs facing fierce global competition," and stated, "We will inherit such grace and teachings and do our utmost to help the Korean economy take another leap forward."

On the same day at 11:50 a.m., Chairman Choi, along with executives of the Korea Chamber of Commerce and Industry, visited the funeral hall at Sinchon Severance Hospital, where Honorary Chairman Cho's wake was held, to pay respects and console the bereaved family. After staying at the funeral hall for about 20 minutes, Chairman Choi met with reporters and said, "The late chairman was a pioneer in technology management in Korea and also did a great job in private diplomacy," and added, "I talked with the bereaved family that it would be good for juniors to continue to follow his example."