Hyosung Group completes generational handover

Cho Hyun-joon, currently chairman of Hyosung Group, was also appointed to be CEO of the company during a board meeting on Thursday.

The appointment marks the full transition of the conglomerate’s ownership from ex-CEO Cho Suck-rai to his eldest son Cho Hyun-joon, part of the third generation of Hyosung’s owner family. His appointment comes half a year after he was appointed chairman in January.

After the transition, the group will be led by Cho Hyun-joon and Kim Kyoo-young, chief technology officer and president of the company.

“The appointment was made as Hyosung has posted record-high performance in the last two years under Cho’s leadership,” the company said in a statement Thursday. “We aim to strengthen responsible management led by the younger Cho.”

Cho, who entered the company in 1997, has contributed to reforming the group’s organizational structure and taking Hyosung’s core businesses, including spandex and tire cord manufacturing, global.

By Kim Jee-hee