[CEO Letter] 2017 New Year’s Address (Plan)

2017. 1. 20. 10:57

Dear Hyosung members throughout the world,

The promising New Year of the Rooster is upon us. I wish nothing but the very best of health and happiness for all of you in the New Year.

Last year, our company attained remarkable results of achieving an operating profit of 1 trillion KRW in celebration of the noteworthy year of the 50th anniversary of foundation. This seems to be the result of all employees working in cooperation such as reflecting on the late Chairman Manwoo Cho Hong-je’s entrepreneurship in industrial patriotism, and actively promoting global management based on the customer-centric and quality-oriented philosophy led by Chairman Cho Seok-rae. 

However, the business environment of the new year does not seem so easy to deal with. Our economy is facing a long-term recession due to the slowdown in China’s economic growth, and the expansion of protectionism will only further impede the positive effects of international trade. The additional rise in the interest rate in the US is also expected to hinder the growth of global economy.

The domestic economy will also face further decline and the GDP will drop down to a low growth rate of around 2%, amid the difficulties in finding new growth engines.

On the other hand, prices of raw materials such as oil and steel have been on the rise, and restructuring of global industries has led to increased product prices, thereby promoting purchasing power, which is good news. Also, the era of Trump is expected to revitalize the US economy and also breathe some life into the global economy.

In particular, we must focus on the fact that we are facing the great industrial paradigm shift as represented by the Fourth Industrial Revolution. If we remain stuck to the way we succeeded in the past and fail to embrace change, our company will face a huge crisis with respect to its ability to survive. But if allow ourselves to take charge of the future by leading innovation, we can seize the valuable opportunity of becoming a company possessing a hundred-year history.


Dear Hyosung members, 

With all this in mind, this year will be an extremely important point where the new half-century will begin to be forged in Hyosung’s history. With the inauguration of new Chairman Cho Hyun-joon, I hope that we are able to actively promote change and innovation and use this year as the first year to take a new bold leap forward into becoming a true global company.

To this end, we must first enhance our business aptitude to reach the very top on a global scale.

A true global company views and carries out all business activities from a global perspective, and also has the competency and system to operate as a localized company in each region.

Meanwhile, we have actively expanded into overseas markets for business and took on the outward appearance as a global company by building a production network that connects one continent to another. However, the reality is that we still lack both experience and skill to become a true global company. The world is filled with those who are strong and are armed with technology and strategies that are more outstanding than our own. If we do not possess the advanced global competency to defeat them, we will end up in failure. As we can no longer grow without moving ourselves to engage the global business community, we must devote ourselves to ensuring that we have the right competencies and system. 

Next, I advise you to practice customer-centric management and do your utmost to build partnerships with customers.

Customer-centric management is to fulfill the anticipated ideals of customers by thinking and acting from their point of view, thereby enhancing their values and building a win-win relationship. To this end, we must break free from the complacent mindset of the manufacturer that the product will be sold regardless once it is produced, and instead, provide the quality and services that customers want before our competitors do. We must also eliminate all customer complaints by keeping our word with them through quality improvement and compliance with delivery deadlines, and gain trust from them by enhancing our services. Furthermore, we must strive to open up new markets and find new customers by thoroughly exploring global markets.

Moreover, I advise you to practice responsibility management as our basic attitude at work.

Responsibility management is to obtain results by taking responsibility in given tasks and completing them until completion. To practice responsibility management, you must first set an ambitious and lofty management goal to allow yourself to become the best in your field, and work based on thinking of oneself as a perfectionist and that you own the things you do. And it is also important to build mutual trust by constantly communicating with the company with regard to the progress and issues of the tasks in a frank and transparent manner. I urge you to please let this thinking and attitude take root as our corporate culture.

Finally, we must continue to carry out activities for our company in order to be trusted and loved by the community.

We must contribute to making our company fair and transparent through an adherence to ethics management, and to developing the corporate ecosystem by striving to achieve win-win growth with our partners. I also advise you not to spare any efforts in taking care of those who are underprivileged and in need of help. This will lead us to become a sustainable company that fulfills responsibility as a devoted member of society.

Dear Hyosung members,

One person’s dream is just a dream, but everyone’s collective dream can turn into reality. If we all join forces to make Hyosung a hundred-year-old company and a truly global firm, we can overcome any difficulty that comes our way. Let’s make the New Year of 2017 the first year for us to take a bold leap into becoming a true global company. Thank you.

Hyosung CEO Lee Sang-woon

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