By Kim Tae-gyu
Hyosung Group said Thursday that Chairman Cho Suck-rae will retire, citing his old age and poor health, and his eldest son Cho Hyun-joon will take over its leadership.
Toward that end, Cho Hyun-joon was promoted to chairman of the group 10 years after he became its president in early 2007. His younger brother Cho Hyun-sang was promoted to president.
The measure represents a power shift to the third-generation of the group's owner family -- it was founded by former late Chairman Cho Hong-jai 1966 and was then headed by his son, outgoing Chairman Cho Suck-rae.
New Chairman Cho Hyun-joon has been recognized for his stewardship as the group saw record performances over the past two years.
He joined Hyosung in 2007 and took charge of its textile subsidiary, which accounts for around two thirds of the group's total operating profits.
Beginning in 2014, he also led the heavy industry division, which had suffered from snowballing losses, and made a major turnaround as the affiliate chalked up 152.2 billion won in operating income last year.
"Korean companies show outstanding growth in the international market. Hyosung will try to become a bona fide global player based on the mantra of fair play," Cho said in a statement.
President Cho Hyun-sang started with Hyosung in 1998 and was responsible for its largest share in the polyester tire cord market.
The consultant-turned-businessman has contributed mostly to global investments.
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| Cho Hyun-joon |
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| Cho Hyun-sang |
Toward that end, Cho Hyun-joon was promoted to chairman of the group 10 years after he became its president in early 2007. His younger brother Cho Hyun-sang was promoted to president.
The measure represents a power shift to the third-generation of the group's owner family -- it was founded by former late Chairman Cho Hong-jai 1966 and was then headed by his son, outgoing Chairman Cho Suck-rae.
New Chairman Cho Hyun-joon has been recognized for his stewardship as the group saw record performances over the past two years.
He joined Hyosung in 2007 and took charge of its textile subsidiary, which accounts for around two thirds of the group's total operating profits.
Beginning in 2014, he also led the heavy industry division, which had suffered from snowballing losses, and made a major turnaround as the affiliate chalked up 152.2 billion won in operating income last year.
"Korean companies show outstanding growth in the international market. Hyosung will try to become a bona fide global player based on the mantra of fair play," Cho said in a statement.
President Cho Hyun-sang started with Hyosung in 1998 and was responsible for its largest share in the polyester tire cord market.
The consultant-turned-businessman has contributed mostly to global investments.
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