Hyosung Group Chairman Cho Suck-rae is transferring the crown to his eldest son Cho Hyun-joon, currently president of the company. It represents a power shift to the third-generation of the group's owner family.
Hyosung Group said on December 29 through its 2017 general personnel reshuffle that President Cho Hyun-joon was promoted to chairman of the group. His post will be filled by the chairman’s third son, Cho Hyun-sang, executive vice president at the moment. Chairman Cho Suck-rae will retire, citing his old age and poor health, but he will still maintain his title as representative director of the company. Industry sources say that new Chairman Cho Hyun-joon will succeed to all the rights related to company management.
New Chairman Cho Hyun-joon has been recognized for his stewardship as the group saw record performances over the past two years. New President Cho Hyun-sang was also responsible for its largest share in the global polyester tire cord market.
In particular, new Chairman Cho Hyun-joon will generalize the group so new President Cho Hyun-sang is expected to play a bigger role in the group.
An official from Hyosung Group said, “President Cho Hyun-sang will keep his position as head of the industrial materials performance group (PG) and chief marketing officer (CMO) of the chemical PG and also serve as head of the corporate strategy division. So, we should pay attention to the movements of President Cho Hyun-sang in the future.”
Hyosung also carried out its 2017 general personnel reshuffle for 34 employees, including 17 new executives promoted, on the same day.