Hyosung Late Honorary Chairman Jo Seok-rae 1st Anniversary... Memorial Event Held on 29th

Hyosung and HS Hyosung Hold Joint Memorial at Mapo Headquarters
Honoring the Late Chairman’s Spirit of 'Industrial Patriotism'

Jo Seok-rae, the late Honorary Chairman of the Hyosung Group who grew Hyosung into a global company, will mark the first anniversary of his passing on the 29th. Family members and company executives plan to hold a memorial event to reflect on his spirit of 'industrial patriotism.'

According to the business community on the 28th, Hyosung, led by Jo Hyun-joon, the eldest son of Honorary Chairman Jo, and HS Hyosung, led by the third son Jo Hyun-sang, will jointly hold the first anniversary memorial ceremony. The memorial service will be held on the 29th at Hyosung’s headquarters in Mapo-gu, Seoul, with executives from both sides attending. Afterwards, Chairman Jo Hyun-joon and Vice Chairman Jo Hyun-sang will hold a separate memorial event at the family burial site located in Gyeonggi Province.

Yonhap News

Attendees are recognized for driving management innovation and globalizing the business, growing Hyosung into a world-class textile and chemical company. It is known that even before his passing, Honorary Chairman Jo left a message to his family emphasizing 'industrial patriotism,' urging them to prosper the business for the nation and its people. Honorary Chairman Jo passed away on March 29 last year at the age of 89.

Born in 1935 as the eldest son of the late Jo Hong-je, founder of the Hyosung Group, Honorary Chairman Jo began his career as a businessman alongside his father in 1966. He was appointed chairman of Hyosung Heavy Industries in 1982 and managed the overall group operations for 35 years until stepping down in 2017 due to age and health reasons.

In particular, based on a management philosophy that prioritizes technology and quality, he elevated Hyosung’s core products, spandex and tire cords, to the number one market share globally, growing Hyosung into a leading export company.

Externally, he played a leading role in private diplomacy by serving as chairman of the Korea-U.S. Business Council and the Korea-Japan Economic Association, acting as a bridge between Korean and foreign companies. From 2007 to 2011, he also served as chairman of the Federation of Korean Industries (now the Korea Economic Association).

Since Honorary Chairman Jo stepped down in 2017, management of Hyosung has transitioned from the second to the third generation of the founding family. Since then, Chairman Jo has focused on independent management activities in traditional business areas such as textiles, while Vice Chairman Jo has concentrated on the industrial materials sector. The establishment of the newly formed holding company HS Hyosung, led by Vice Chairman Jo and spun off from Hyosung on July 1 last year, is part of this strategy.

Honorary Chairman Jo also left a will stating his intention to leave an inheritance exceeding the minimum statutory share (reserved portion) to his estranged second son, former Hyosung Vice President Jo Hyun-moon, who had been alienated from the family due to the 'brothers' conflict.' The inheritance process has been completed, and former Vice President Jo announced his intention to donate the entire inherited assets to establish a public foundation, founding the Danbit Foundation to give back to society.