Strengthening Professional Management in Textile and Trading Divisions
Securing Growth Drivers Through a Responsible Management Structure
Hyosung TNC is shifting to a co-CEO structure.
Hyosung TNC announced on the 26th that it has appointed Lee Changhwang, Head of the Spandex PU and Executive Vice President, and Yoo Younghwan, Head of the Trading PG and Executive Vice President, as co-CEOs. The company plans to strengthen its expertise and execution capabilities through a two-top system that separately oversees the textile and trading divisions.
CEO-designate Lee Changhwang graduated from the Department of Chemical Engineering at Seoul National University and joined the Central Technology Research Institute of Dongyang Nylon, the predecessor of Hyosung, in 1983. He led the spandex business as Executive Director of the Spandex PU in 2003 and as Head of the Spandex PU in 2005, then served as Head of China Spandex in 2010 and as Head of the Strategy Division in 2019. Since 2023, he has served as Director of the China spandex subsidiary and Director of the Jiaxing Chemical subsidiary, expanding the company’s competitiveness in the global market. Hyosung TNC expects that, based on his deep understanding of the overall textile business and his technical expertise, he will contribute to the company’s continued growth.
CEO-designate Yoo Younghwan graduated from the Department of English Language and Literature at Sungkyunkwan University and joined Hyosung Corporation in 1992 as Head of the Steel Team. He went on to serve as Head of the LA Office of the Strategy Division in 1995, Head of Management Strategy and Overseas Subsidiaries within the Strategy Division in 2011, and Head of the Management Diagnosis Office in 2018, before becoming Head of the Support Division in 2023. He has built a broad understanding of overall management through extensive overseas experience and work in strategy and support functions, and is regarded as having both expertise in the trading division and strong business operation capabilities.
Through the co-CEO structure, Hyosung TNC plans to strengthen responsible management by business division and to respond more swiftly to the rapidly changing global market environment. The company stated, "We expect that the two appointees, who possess both expertise and on-site experience, will generate synergy and contribute to the company’s growth and the enhancement of shareholder value."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
