[Hyosung Now] Promotion of Hyun-joon Cho to the chairman

2017.01.20 10:57



 Change and innovation will be led by young leadership

 

On December 29, our company promoted President Hyun-joon Cho to the chairman and Vice President H. S. Cho to the president. Chairman Hyun-joon Cho was promoted about 10 years after January of 2007 and President H. S. Cho was promoted about 5 years after his promotion to the vice president in January of 2012. The purpose of this promotion was to let Chairman S. R. Cho who had led our company’s technology and quality management step down due to age and health but maintain his representative director position and let Chairman Hyun-joon Cho and President H. S. Cho take command of the field management.    



 Chairman Hyun-joon Cho, was credited for his management outcome such as accomplishment of the highest business performance ever for 2 years in a row


Chairman Hyun-joon Cho


Chairman Hyun-joon Cho was credited for his management outcome so far such as leading accomplishment of the highest business performance ever for 2 years in a row. Particularly, in 2017, under the circumstance of uncertain domestic and overseas business environment, he is expected to take the preemptive-level management leadership. In the past, Chairman Hyun-joon Cho built the outcome-oriented PG/PU system and made the frame of our company’s current organization system after entering in 1997 as a department head of the Strategy Division.  


Textile PG which Chairman Cho has been in charge of since 2007 is leading our company’s growth as much as occupying 40% of our company’s business profit and, particularly, in the main business of spandex, climbed up to the global No.1 in 2010 recording 23% market share and has continuously raised the market power since then. As a result, our company maintains firmly the status of global No.1 spandex maker widening gap over the 2nd maker, recording 32% market share as of 2016.  


Above all, he said, at an early time, “To become the global No.1 of spandex business, we first have to invade the Chinese market,” and he himself formed the C(China) Project Team to successfully invade the Chinese market. On the basis of this outcome, he later commanded at the front line construction of the Vietnam production base and consequently made the accomplishment of the highest business performance ever for two years in a row. 


Also, from 2014, he began to be seriously involved in managing the power and industrial systems sector which had been showing a loss for 3 years since 2011 due to orders obtained in low prices and rising cost and returned it to profit by leading the ‘profitability-oriented selection of orders and expansion of new businesses such as STACOM, ESS and HVDC’. The power and industrial systems sector made the outcome of accomplishing 152.2 billion won business profit in 2015.  


Chairman Cho revealed his ambition as “Korean companies are making surprising growths in the global market. I will cultivate Hyosung to a true global company through sportsmanship-based fair play”. 



 President H. S. Cho, has contributed to growth of company as a next generation global leader


 

President H. S. Cho


President H. S. Cho will take the position of Strategy Division Head, Industrial Materials PG Head, and Chemical PG CMO to lead the company together with Chairman Hyun-joon Cho. After entering the company in 1998, President Cho has cultivated our company’s polyester tire cord to the undisputable global No.1 business as the Head of Industrial Materials PG and an executive of Strategy Division.  


President Cho contributed much to the company’s growth through the management that pursues to maximize values of various parties interested by operating business on the basis of core capability. Particularly, in 2006, he made the foundation for the growth of Vietnam Division by making it No.1 with over 40% market share and increasing the profit by more than 5 times through the long-term supply contract with the world famous tire maker Goodyear in US and the biggest contract in the industry buying 4 tire cord plants of Goodyear in North and South America and Europe. 


Being credited for such a management capability, he was selected as a ‘Next Generation Global leader (Young Global Leader, YGL)’ by the World Economic Forum in 2007 and then participated in the process of selecting agenda of the Davos Forum as a member of the Global Agenda Committee of the World Economic Forum. He was also selected as one of the next generation leaders by the diplomatic departments of the three countries of Korea, Japan and China. 



Arranged and Photographed by | Editorial Office



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