Cho Suck-rai, honorary chairman of Hyosung Group, dies at 89
Former Hyosung Group Chairman Cho Suck-rai in this photo provided by the company / Yonhap
Hyosung Group Honorary Chairman Cho Suck-rai died of a chronic illness Friday, sources said. He was 89.
It had been seven years since he stepped down from the top management position in 2017 due to his advanced age and health.
According to the sources, Cho died of a chronic ailment while under treatment at Seoul National University Hospital.
Cho played a pivotal role in shaping South Korea's heavy chemical industry and establishing Hyosung as a global business entity.
Emphasizing technology and quality, Cho propelled Hyosung's flagship products, including spandex and tire cords, to the forefront of the global market. Additionally, he actively contributed to the local business community, serving as chairman of the Federation of Korean Industries (FKI).
The eldest son of Hyosung founder Cho Hong-jai, Cho Suck-rai pursued his academic interests in chemistry at Waseda University in Japan and earned a master's degree in chemical engineering from the University of Illinois in the United States.
He began his entrepreneurial journey with Hyosung Corp. in 1966, assuming various leadership roles that facilitated the company's expansion from textiles to chemicals.
Cho's commitment to technology and quality manifested in the establishment of Korea's first technology research institute in 1971.
Under his leadership, Hyosung's spandex brand "creora" gained global acclaim for its excellence.
Beyond his corporate endeavors, Cho was actively engaged in private diplomacy and international relations.
Speaking Japanese as a native language and fluent in English, he was known for his close relationship with key Japanese figures, including former Japanese Prime Minister Yasuo Fukuda.
With a vast international network spanning the U.S., Japan, China and other major economies, Cho played a prominent role in regional business associations, such as the Pacific Basin Economic Council and the Korea-U.S. Business Council.
He also served as the chairman of the FKI, one of the major business lobbying groups in the country, from 1987 to 2007, representing the business community in South Korea for two decades.
However, Cho's later years were overshadowed by internal strife within his family and legal challenges.
A power struggle between his sons, particularly involving his second son, Hyun-moon, resulted in Cho's departure from Hyosung in 2016.
Subsequently, he faced investigations and legal proceedings concerning allegations of corporate tax evasion and fraudulent accounting, with the case still pending in court. (Yonhap)