Hyosung Group chief reelected as board director
Hyosung Chairman Cho Hyun-joon was reelected as a board director during the conglomerate’s shareholders’ meeting, which took place on March 20.
Market observers pointed out that the stellar performances of the Seoul-based group over the past few years prodded shareholders to underpin Chairman Cho.
Shareholders also praised the outstanding performances of Hyosung last year.
Under his stewardship, Hyosung’s five major subsidiaries combined to reach 1 trillion won ($800 million) in operating profit last year.
The conglomerate’s overall sales of the big five stood at 18.12 trillion won for the operating income of 1.01 trillion won.
The group regained the membership of the 1 trillion won profit club for the first time since 2016.
The feats were based on the group’s proactive efforts to tap into new business areas in the global markets, the key initiatives of Chairman Cho.
“In consideration of good bottom lines, Chairman Cho has won the supports of shareholders,” a Seoul economist said.
Chairman Cho owns 21.94 percent at Hyosung Corp, the holding company of the group. Plus, his close aides have more than 30 percent of the outfit.
The shareholders’ meeting also discussed the agenda of reappointing President Cho as a board director.
Chairman Cho, 52, who studied at Yale University in the United States and Keio University in Japan, took charge of the conglomerate three years ago.