Hyosung honorary chairman's death mourned by business, political leaders
Flowers sent from President Yoon Suk Yeol and former President Lee Myung-bak are laid at the funeral altar for the late Hyosung Group Honorary Chairman Cho Suck-rai at Severance Hospital in Seoul, Saturday. Courtesy of Hyosung Group
Hyosung Group Honorary Chairman Cho Suck-rai's death at the age of 89 on Friday has been mourned by the heads of Korea's largest conglomerates and influential politicians of both ruling and opposition parties, as the deceased entrepreneur contributed to the Korean chemical industry's growth and economic ties with foreign countries, industry officials said Sunday.
The late Cho, who earned a bachelor's degree from Waseda University in Tokyo and a master's in chemical engineering from the Illinois Institute of Technology in the United States, joined Hyosung in 1966 to assist his father, Cho Hong-je, the company's late founder.
After inheriting his father's position as the Hyosung chairman in 1982, he led the company until 2017, when he also handed over his position to his oldest son, Cho Hyun-joon.
In the early 1990s, he directed the independent development of technologies to produce spandex, making Hyosung the company holding the largest share in the global market for synthetic fiber known for its exceptional elasticity.
The honorary chairman is also known as the person who first proposed the necessity of the Korea-U.S. free trade agreement and who improved bilateral economic relationships with Japan.
"In honor of the chairman who dedicated his entire life to the national interests and public welfare, we, the businesspeople, will make all-out efforts for the Korean economy to take a leap forward once again," the Federation of Korean Industries (FKI) said in a statement mourning Cho, who led the federation between 2007 and 2010.
Korea's four other largest business associations also issued statements to mourn him.
Samsung Electronics Executive Chairman Lee Jae-yong, second from left, and his mother Hong Ra-hee visit the funeral altar for the late Hyosung Group Honorary Chairman Cho Suck-rai at Severance Hospital in Seoul, Saturday. Yonhap
On Saturday, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, Hanjin Group Chairman Cho Won-tae, SK Supex Council Chairman Chey Chang-won, OCI Group Chairman Lee Woo-hyun and Samyang Group Chairman Kim Yoon visited the funeral which will last until Tuesday at Severance Hospital in Seoul.
LG Group Chairman Koo Kwang-mo, Asan Foundation Chairman Chung Mong-joon and his son, HD Hyundai Vice Chairman Chung Ki-sun, visited the funeral on Sunday. GS Group Honorary Chairman Huh Chang-soo, who led the FKI after the late Cho, and Poongsan Group Chairman Ryu Jin, the incumbent FKI chief, also paid visits that day.
Despite its fierce rivalry and ongoing lawsuits with Hyosung, Kolon sent flowers and Vice Chairman Lee Kyu-ho, the oldest son of Kolon Honorary Chairman Lee Woong-yeul, to the funeral.
Hankook & Company Honorary Chairman Cho Yang-rae, the older one of the two younger brothers of the deceased, was also at the funeral with DSDL Chairman Cho Wuk-rae, his younger brother, and Hankook & Company Chairman Cho Hyun-bum, his second-oldest son.
Among the politicians and policymakers at the funeral were Prime Minister Han Duck-soo, National Assembly Speaker Kim Jin-pyo, Seoul Mayor Oh Se-hoon, Presidential Director of National Policy Sung Tae-yoon and former Foreign Minister Kang Kyung-wha. Chinese Ambassador to South Korea Xing Haiming also visited the funeral, as Hyosung is doing business in China.
President Yoon Suk Yeol and former President Lee Myung-bak, the Hankook & Company chairman's father-in-law, sent flowers to mourn the late honorary chairman. Lee also visited the funeral on Sunday.
Former Hyosung Vice President Cho Hyun-moon leaves the funeral altar for the late Hyosung Group Honorary Chairman Cho Suck-rai at Severance Hospital in Seoul, Saturday. Yonhap
Former Hyosung Vice President Cho Hyun-moon, the deceased's second-oldest son who disowned his father 10 years ago after losing to his older brother in a competition for the group's control, paid a five-minute visit and left. He was not on the list of the bereaved family members.
Industry officials are paying attention to whether or not the second-oldest son will demand part of his father's 10.14 percent stake in Hyosung's holding firm and additional shares in the group affiliates. He previously sold all his shares in Hyosung affiliates.
However, he is not expected to threaten the control of his older and younger brothers, each of whom owns over 21 percent stake in Hyosung's holding firm. The two brothers plan to divide the group into two in July so that the younger one, Hyosung Vice Chairman Cho Hyun-sang, can take control of several of the group's affiliates.
Former President Lee Myung-bak speaks to reporters as he leaves the funeral altar for the late Hyosung Group Honorary Chairman Cho Suck-rai at Severance Hospital in Seoul, Sunday. Yonhap