Hyosung Appoints Joo Hyun-joon and Joo Hyun-sang as Inside Directors... Strengthening Responsible Management

Hyosung TNC and Hyosung Advanced Materials Take Charge

[Asia Economy Reporter Oh Hyung-gil] Hyosung Group Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang have been appointed as inside directors of key affiliates Hyosung TNC and Hyosung Advanced Materials, respectively. This is interpreted as a sign of the owner family’s intention to strengthen responsible management by directly leading major businesses.

Hyosung affiliates including Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung TNC held consecutive shareholder meetings on the 17th at the Hyosung Building in Mapo-gu, Seoul.

The proposal to appoint Chairman Cho Hyun-joon as an inside director of Hyosung TNC was approved, and at the Hyosung Advanced Materials shareholders meeting, the proposal to appoint Vice Chairman Cho Hyun-sang as an inside director was also approved.

Hyosung transitioned to a holding company system in 2018, and after Honorary Chairman Cho Seok-rae stepped down from the front line, the brothers have been managing the group together. However, until now, Chairman Cho and Vice Chairman Cho have held shares in affiliates but have only served as inside directors at the group’s holding company, Hyosung Co., Ltd., without taking inside director roles at the affiliates.

On this day, Hyosung Advanced Materials announced its focus on fostering new growth engines including carbon fiber to enhance brand value.

Kim Seung-han, Executive Director of Hyosung Advanced Materials, said at the shareholders meeting, "We will devote ourselves more to fostering new growth engines such as carbon fiber and aramid," adding, "We will flexibly and efficiently secure new technologies and cultures."

Kim explained, "We will secure brand value based on the highest quality and customer trust," and "Through the world’s number one tire cord, we will build customer trust and differentiated brand value." He also promised to focus on VOC (Voice of Customer) activities that capture customer voices and yield results.

Hyosung Advanced Materials and Hyosung TNC also finalized cash dividend plans. The increase in dividends for the two companies is at the highest level among listed companies. Hyosung TNC proposed a cash dividend of 50,000 KRW per share, which is ten times higher than the previous year (5,000 KRW). Hyosung Advanced Materials proposed a cash dividend of 10,000 KRW per share, and Hyosung Co., Ltd. also proposed a cash dividend of 6,500 KRW per share.

This content was produced with the assistance of AI translation services.