[New Year's Address] Chairman Cho Hyunjoon of Hyosung: "Let's Build a Centennial Hyosung with 'Team Spirit' Like the World Champion LA Dodgers"

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On January 2, Cho Hyunjoon, Chairman of Hyosung Group, encouraged employees in his New Year's address to overcome crises and move toward becoming a "Centennial Hyosung" by practicing "team spirit" throughout the year.

Chairman Cho Hyunjoon of Hyosung Group. Hyosung

Chairman Cho stated, "This year marks the 60th anniversary of our founding, and we must ask ourselves whether we will simply commemorate the past 60 years or prepare for a new path toward the next 100 years of Hyosung." He emphasized, "Team spirit is the most important factor in building a Centennial Hyosung."

As an example of team spirit to emulate, Chairman Cho mentioned the LA Dodgers, who won the Major League Baseball (MLB) World Series last year. The LA Dodgers clinched their second consecutive championship by defeating the Toronto Blue Jays in a dramatic comeback victory after an intense battle that extended to the 11th inning of Game 7 in the World Series, which determines the ultimate champion of MLB.

Reflecting on the game, Chairman Cho said, "In the ninth inning, when everything seemed lost, the Dodgers players demonstrated fierce determination by refusing to give up until the end. With that fighting spirit, they created opportunities and brought the game back to even. During the long extra innings that followed, they maintained their focus, fulfilled their roles despite exhaustion, prioritized the team's victory over personal records, and continuously communicated with and trusted each other."

Chairman Cho continued, "We must all understand and genuinely put into practice the team spirit demonstrated by the Dodgers players-indomitable willpower that never gives up, self-sacrifice for the team's victory, and honest communication for success."

Regarding the global business environment, which is expected to remain shrouded in uncertainty this year as it was last year, he pointed out, "The greatest risk is that uncertainty has become the norm." He further diagnosed, "Interest rates, exchange rates, raw materials, and geopolitical variables are all unpredictable in the mid- to long-term, and this unpredictability itself poses a risk to us." He stressed, "At times like this, we must prioritize cash flow management."

In fact, Chairman Cho introduced new management principles for the year, focusing on cash flow-oriented management. The key points are to prioritize cash flow and financial stability above all else, apply stricter criteria for selecting and focusing on businesses, and fundamentally redefine the organization’s awareness of costs and efficiency.

Finally, Chairman Cho reminded everyone that this year is the "Year of the Red Horse," saying, "Horses are usually gentle, but the moment they lose control, they become dangerous and unpredictable. Depending on how firmly the owner holds the reins, a horse can become a powerful steed or a wild, uncontrollable mustang. If we all pull the reins in the same direction, this year will be remembered not as a year of chaotic wild horses, but as the year of a powerful steed galloping toward global leadership."