HS Hyosung Advanced Materials Renamed... Vice President Seong Nak-yang Appointed as New CEO

Vice President Seong Nak-yang Scheduled to Be Appointed as New CEO

Hyosung Advanced Materials announced on the morning of the 6th at an extraordinary general meeting of shareholders held at the Hyosung Building in Mapo-gu, Seoul, that it has changed its company name to 'HS Hyosung Advanced Materials' through an amendment to its articles of incorporation.

Hyosung Building in Mapo-gu, Seoul

HS Hyosung Advanced Materials is a core affiliate of the holding company HS Hyosung, which was launched last July. It holds the world's number one market share products such as tire cords, yarns for automotive seat belts, and airbag fabrics, as well as future growth engines like carbon fiber and aramid.

This name change was carried out to maintain the existing reputation as a global materials specialist company while applying the new Corporate Identity (CI) of the HS Hyosung Group to achieve brand unification within the group. HS Hyosung Advanced Materials plans to strengthen the identity of the HS Hyosung Group's key affiliates and further solidify its status as a global materials company. To this end, it intends to secure growth opportunities by enhancing research and development and investment in new material business areas such as aerospace and eco-friendly materials.

At this extraordinary general meeting of shareholders, HS Hyosung Advanced Materials plans to appoint Vice President Seong Nak-yang, who was newly elected as an inside director, as the new CEO. The appointment will be finalized through a board meeting scheduled for the 7th. Through this, HS Hyosung Advanced Materials will transition to a dual CEO system with Jo Yong-su and Seong Nak-yang serving as co-CEOs.

CEO Seong will be responsible for overseeing the Tire Reinforcement PU and Future Strategy divisions. Born in 1965, CEO Seong graduated from Yonsei University with a degree in Chemical Engineering in 1988 and completed an MBA program at the University of California, Berkeley in 1999. He has held positions such as head of organic chemical product imports at Samsung C&T, CEO of Yahoo Korea, CEO of Doosan Donga, and CEO of Doosan Glonet. He joined Hyosung Corporation in June 2018 as the head of the Management Innovation Office.