Chairman Jo Hyun-beom: "Hanon Systems to Normalize Within 3 Years... Active Innovation and Structural Improvement"

'2025 Hanon Systems Management Strategy Meeting' Held
"Emphasizing Proactive Innovation with a Sense of Urgency"

Cho Hyun-beom, Chairman of the Hankook & Company Group, expressed his determination to achieve the normalization of Hanon Systems' management within three years through intensive innovation.

Cho Hyun-beom, Chairman of Korea & Company Group. Provided by Korea & Company Group

According to Hankook & Company Group on the 4th, Chairman Cho said at the '2025 Hanon Systems Management Strategy Meeting' held at the Pangyo headquarters in Gyeonggi Province on the 28th of last month, "It is very important to accurately analyze and improve the past mistakes and wrong practices of Hanon Systems, which possesses core national technology, and how to innovate over the next three years." He added, "From now on, all members should proactively and actively implement innovation with a sense of urgency."

He stated, "Hanon Systems is the world's second-largest thermal management solution system company and holds core national technology," and emphasized, "Based on our unique proactive corporate culture, let's normalize Hanon Systems' financial structure and devote all our efforts to advanced technology research and development (R&D) that contributes to national competitiveness."

He also said, "Despite the uncertain global economic situation, you have established innovative mid- to long-term strategies," and urged, "Collaborate on what and how to do things, and focus on execution rather than planning, strategy, or decision-making, moving quickly."

Chairman Cho proposed the following directions for improving Hanon Systems: ▲ adopting innovative management habits and mindsets ▲ strengthening understanding of industry and market ▲ enhancing sustainable R&D measures ▲ transparent and efficient communication.

He added, "We will eliminate the existing accounting policies aimed at showing high operating profits immediately and move toward reflecting the true essence of the company," and said, "It is positive that we can identify and solve problems that private equity funds (PEF) and the previous management had postponed."

The meeting was attended by Chairman Cho, Park Jong-ho, CEO of Hankook & Company, Lee Soo-il, CEO (Vice Chairman) of Hanon Systems, An Jong-seon and Lee Sang-hoon, CEOs of Hankook Tire, and other Hanon Systems executives as well as group management.

Last month, Hanon Systems carried out a core organizational restructuring to strengthen global competitiveness and efficiency and improve its financial structure. The main point of the restructuring is to organize the structure by vehicle brand focused on execution and to delegate key business functions related to project execution.

Accordingly, four execution-focused 'Regional Business Groups' were newly established in Asia-Pacific, China, the United States, and Europe. Each group took over key business functions such as sales and product planning, production, quality control, purchasing, and finance from the existing global headquarters (HQ). The group explained that this was to quickly adapt to the global market situation where future strategic differences are emerging by automaker and region.

A Hankook & Company Group official said, "Chairman Cho has started full-scale actions to innovate and improve the constitution of Hanon Systems, which possesses core national technology," and added, "As the group takes preemptive measures against global economic uncertainties, Chairman Cho frequently holds meetings and inspections to support the economy."

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