Young chairman leads surge of Hyosung Group
This is the third of a series highlighting best-performing chief executives in Korea. _ ED.
When Hyosung Group introduced a holding-company system in June last year, some suspected whether or not the new format would take firm root in the near future.
Spearheaded by Chairman Cho Hyun-joon, however, the group silenced critics once and for all by chalking up outstanding performances over the past year.
The Seoul-based conglomerate, which operates in such fields as chemicals, machinery, IT, trade and construction, split into five companies with Hyosung Corp. becoming the holding firm.
Chairman Cho became the chief executive of Hyosung Corp., which controls four spun-off affiliates of Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung Chemical.
Hyosung completed the conversion to the new structure late last year through in-kind investment and capital increases.
Thereafter, the outfits have fared well as amply demonstrated by the stellar performances during the first half of this year.
Hyosung Corp. racked up solid results this year despite the virus pandemic. In particular, Hyosung subsidiaries including Hyosung TNC and Hyosung Heavy Industries fared well this year.
The former is engaged in the production and sale of textiles, while the latter is the manufacturer of motors and generators.
Original Hyosung units like Hyosung TNS, formerly Nautilus Hyosung, also joined forces to buttress the prominent bottom lines of Hyosung Group.
Against this backdrop, observers come up with positive prospects on the future of the group.
“The market consensus is that Hyosung successfully launched the holding company system. At a time when the overall economy is not good, its subsidiaries come up with handsome profits,” a Seoul analyst said.
“It is an impressive exploit. Hyosung Chairman Cho’s unique leadership appears to work to a large extent as the young leader proactively seeks for fast growth through various efforts.”
Chairman Cho took charge of Hyosung in 2017. Under his stewardship, the group has briskly waded into global markets and expanded its business horizon.
The 52-year-old, who studied at Yale University, is dubbed as one of the most prominent young entrepreneurs in Korea.