Cho Hyun-joon: “We need fierce commitment to our goals” ... Calls for organizational culture overhaul as Hyosung marks 60th anniversary

[Financial News] Cho Hyun-joon, chairman of Hyosung Group, marked the company’s 60th anniversary by stressing the need for “fierce commitment to our goals” and calling for fundamental changes to the way people work and to the organizational culture. To respond to a worsening global business environment, he set out “Tenacious Hyosung, Meticulous Hyosung and Trusted Hyosung” as three guiding principles for action.
Hyosung Group said it held a ceremony marking its 60th anniversary at its headquarters in Mapo District, Seoul, on the 29th, attended by employees and executives, including Chairman Cho.
In his anniversary address that day, Chairman Cho cited public debt, fiscal deficits, prolonged wars and the spread of protectionism as major risk factors in the global business environment.
“Our company, too, cannot be immune to these crises,” Chairman Cho said, stressing that “what we need to overcome the crisis and make a new leap forward is ‘fierce commitment to our goals.’”
He called for fundamental changes to the way people work and to the organizational culture, based on these principles. Specifically, he set out Tenacious Hyosung, which sees things through despite any difficulties; Meticulous Hyosung, which considers every possible scenario and executes plans without leaving gaps; and Trusted Hyosung, which customers can rely on with any matter.
Chairman Cho reiterated, “These three principles are not mere slogans. They are the mindset and principles for action we must have if Hyosung is to survive, win in competition and usher in the next 100 years.”
He also stressed that employees’ perseverance and can-do spirit had been the driving force behind the company’s growth over the past 60 years. “If your dedication is what sustained us through the past 60 years, then the strength that will build the next 100 years also depends on our determination to keep challenging ourselves to the end and see things through,” Chairman Cho said.
He went on to liken Hyosung to a “morning star” heralding a new day, urging employees to prepare for the future with diligence and a can-do spirit even amid a challenging business environment.
Hyosung began with Dongyang Nylon, founded in 1966 by its founder, Chairman Cho Hong-je. Its main businesses today include power equipment such as ultra-high-voltage transformers and circuit breakers, materials such as spandex, and financial automation solutions.
To mark its 60th anniversary, Hyosung plans to strengthen the technological competitiveness of its core businesses and pursue work-process innovation and business-model advancement using artificial intelligence (AI). In particular, it is strengthening its power equipment and power-grid solutions businesses in response to the expansion of AI data centers and increased investment in global power infrastructure.
At the ceremony that day, Jason Neal, head of Hyosung HICO, the U.S. subsidiary of Hyosung Heavy Industries that has led the expansion of its U.S. power business, received the “Hyosung Person of the Year” award. The prize was 100 million won. Neal was recognized for establishing a local circuit breaker production base through cooperation with Quanta, a North American energy infrastructure company, and expanding orders in the ultra-high-voltage transmission grid and AI data center markets.

[email protected] Kim Mi-hee Reporter