HS Hyosung appoints 1st chairman with no ownership ties

HS Hyosung said Monday it has appointed former Hyosung Group Vice Chairman Kim Kyoo-young as the group’s first chairman with no ownership ties (commonly known in Korea as a professional manager), signaling a shift toward a capability-based leadership system rather than an owner-centered structure.

New HS Hyosung Chairman Kim Kyoo-young

Kim joined Tongyang Nylon, the predecessor of Hyosung Group, in 1972. Over more than five decades, he has held key posts including factory manager of plants in Eonyang, near Ulsan, and Anyang, Gyeonggi Province; president of China operations; chief technology officer; and head of the Hyosung Technical Institute.

He is widely credited with laying the technological foundation for Hyosung’s textile business, including developing spandex and upgrading product quality. Kim also served as CEO of Hyosung Group’s holding company for eight years beginning in 2017.

HS Hyosung said the appointment reflects Vice Chairman Cho Hyun-sang’s belief that HS Hyosung employees are the company’s most valuable assets and anyone with the capability can become chairman. Cho has consistently stressed that leadership should be entrusted to those who can maximize corporate value, regardless of whether they come from the owner family.

The company has also conducted an executive reshuffle, promoting Yang Jung-gyu and Chung Yoo-jo to executive vice president and vice president, respectively.

Chung, a newly appointed female executive, is known as a planning specialist, having worked in the corporate planning, new business, and environmental, social and governance management teams.

“With this new leadership lineup, HS Hyosung will proactively respond to the rapidly changing market environment and build a foundation for sustainable growth,” the company said, adding that it will continue to reinforce the value management framework emphasized by Cho.