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Biz News Korea(Eng)
Hyosung’s third-generation management begins
- Collected
- 2016.12.31
- Distributed
- 2017.01.02
- Source
- Go Direct
Cho Hyun-sang (Left) and Cho Hyun-joon
In its year-end reshuffle on Thursday, Hyosung promoted President Cho Hyun-joon and his younger brother, Vice President Cho Hyun-sang, to Chairman and President, respectively. Outgoing Chairman Cho will still retain his chief executive role.
Founded in 1966 by former late Chairman Cho Hong-jai, father of Chairman Cho, Hyosung has grown into a leading industrial conglomerate specializing in chemical textiles and heavy machinery. It is expected to enjoy a best-ever performance this year with its operating profit surpassing 1 trillion won on a consolidated basis.
New Chairman Cho Hyun-joon has been credited for reinforcing Hyosung’s textile unit, which mainly produces spandex making up 40 percent of the company’s profit. Spearheaded by Hyun-joon who joined the unit in 2007, Hyosung has remained the world’s top player in the spandex market since 2013. He also turned around Hyosung’s heavy machinery division from red to black last year.
Cho Hyun-sang, the third son of the chairman, has been recognized for his role in making the firm to command the largest share in the world’s polyester tire cord market.
Along with them, a total of 37 executives were newly appointed in Hyosung on Thursday.
By Jung Wook
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]