) July 20, 2017 -- Hyosung Group, a leading textile manufacturer, announced that Chairman S.R. Cho resigned as CEO, effective July 14, 2017.
Former Hyosung Group Chairman S.R. Cho said on July 14 that he would resign as CEO due to his advanced age and declining health. He has handed over the management reins to Chairman Cho Hyun-joon, making him the third-generation manager of the group.
Despite his old age, former Chairman S.R. Cho has fulfilled his responsibilities as CEO to stabilize the management of Hyosung.
He decided to step down as his global management began to bear good fruits, with the group achieving its best performances for two years in a row, and also as the management systems have been stabilized under Chairman Cho Hyun-joon.
Chairman Cho Hyun-joon in his inauguration ceremony in January emphasized building business competences to the highest level in the world and promised his full support for efforts to deliver the world’s best quality and services.
He demonstrated his global management ability. Driven by the high-tech fabrics division in his charge, Hyosung's operating profit exceeded 1 trillion won last year. The group has joined an honorable “club of Korean companies with 1 trillion won or more operating profit" for the first time in 60 years after it was founded in 1957.
Former Chairman S.R. Cho has taken Hyosung global by leading ceaseless management innovations and the globalization of its flagship businesses since he took office as chairman in 1981.
As a citizen diplomat representing the private sector of the Korean economy, he has worked hard to enhance its status in the global market. He served as chairman of the Federation of Korean Industries, chairman of the Korea-US Business Council and chairman of the Korea-Japan Economic Association.
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