Hyosung chairman calls for work culture overhaul on 60th anniversary
Summary
Hyosung Group Chairman Cho Hyun-joon called for a fundamental overhaul of work practices at the group’s 60th-anniversary ceremony in Seoul on Thursday. He said mounting government debt, fiscal deficits, overseas wars and trade protectionism were worsening the business environment, and urged employees to pursue goals with persistence, meticulousness and reliability. The ceremony recognized employees and business partners for contributions to growth and operational improvements. Hyosung said it would strengthen core technologies and use AI to improve work processes and business models.
Key Facts
- Jason Neal, president of Hyosung HICO, received the group’s top annual employee award, which carries a 100 million won prize.
- Hyosung credited Neal with strengthening cooperation with Quanta Services, establishing local circuit breaker manufacturing capabilities and securing orders related to transmission networks and AI data centers.
- In June, Neal announced a U.S. joint venture with a Quanta subsidiary to manufacture circuit breakers rated at up to 800 kilovolts.
- Tobang Construction received a special award for saving about 3.7 billion won through improved project scheduling and equipment management.
- Founded in 1966 as Tongyang Nylon, Hyosung now has more than 100 manufacturing and trading subsidiaries across roughly 30 countries.
Hyosung HICO president wins this year's top employee award
Hyosung Group Chairman Cho Hyun-joon speaks at an event marking the group's 60th anniversary at its headquarters in Seoul, Thursday. Courtesy of Hyosung Group
Hyosung Group Chairman Cho Hyun-joon called for a fundamental overhaul of work practices and a more resilient corporate culture, Thursday, urging employees to remain steadfast in pursuing their goals as the group marked its 60th anniversary.
Speaking at a ceremony at Hyosung’s headquarters in Seoul, Cho said mounting government debt, fiscal deficits, prolonged overseas wars and spreading protectionism in global trade were worsening the business environment.
“Our company is by no means immune to these crises,” Cho said. “What we need to overcome them and achieve a new leap forward is an intense commitment to our goals.”
He outlined persistence, meticulousness and reliability as key values.
“These are not simply slogans,” he said. “They are the attitudes and principles we must put into practice to survive, outperform our competitors and embark on our next 100 years.”
Cho also highlighted the meaning of Hyosung’s name, “morning star,” urging employees to remain hopeful through adversity and forge a new future through diligence and perseverance.
The ceremony also recognized employees and business partners for their contributions to global business growth, technological innovation and operational improvements.
Jason Neal, president of Hyosung HICO, the U.S. subsidiary of Hyosung Heavy Industries, received the group’s top annual employee award, which carries a 100 million won ($76,000) prize, for expanding its power equipment business in the United States.
Jason Neal, right, president of Hyosung HICO, poses with Hyosung Group Chairman Cho Hyun-joon after receiving the group's top employee award for expanding its energy infrastructure solutions business in the United States during a ceremony marking Hyosung Group's 60th anniversary at its headquarters in Seoul, Thursday. Courtesy of Hyosung Group
Hyosung credited Neal with strengthening cooperation with North American energy infrastructure firm Quanta Services, establishing local circuit breaker manufacturing capabilities and securing orders related to transmission networks and artificial intelligence (AI) data centers. In June, Neal also announced the establishment of a U.S. joint venture with a Quanta subsidiary to manufacture circuit breakers rated at up to 800 kilovolts.
Construction subcontractor Tobang Construction received a special award for saving about 3.7 billion won through improved project scheduling and equipment management.
Five employees were recognized for expanding sales in Eastern Europe, improving spandex production in Vietnam, upgrading circuit breaker manufacturing, developing next-generation ATMs and overseeing the phased closure of a spandex plant in China. Five long-serving employees were also honored as representatives of their respective service groups.
Founded in 1966 as Tongyang Nylon, Hyosung built its business around textiles, chemicals and heavy industry before expanding internationally. Its businesses now span power transformers and circuit breakers, spandex, ATMs and financial automation solutions, with more than 100 manufacturing and trading subsidiaries across roughly 30 countries.
The group said it would strengthen its core technologies while using AI to improve work processes and business models, positioning its manufacturing expertise and global operations for further growth.
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