A memorial ceremony marking the second anniversary of the passing of the late Cho Seok-rai, honorary chairman of Hyosung Group (004800.KS), was quietly held on Tuesday.
The ceremony lasted approximately 40 minutes at the auditorium of Hyosung's headquarters in Mapo, Seoul. Attendees included family members such as eldest son Cho Hyun-joon, chairman of Hyosung, and third son Cho Hyun-sang, vice chairman of HS Hyosung (487570.KS), along with company executives, employees and invited guests.
Honorary Chairman Cho, who passed away on March 29, 2024 at the age of 89, was born in 1935 in Gunbuk-myeon, Haman-gun, South Gyeongsang Province, as the eldest son of Hyosung founder Cho Hong-je and his wife Ha Jeong-ok. He attended Gyeonggi High School and Hibiya High School in Japan before graduating from the Faculty of Science and Engineering at Waseda University in Japan. He later earned a master's degree in chemical engineering from the Illinois Institute of Technology in the United States. Originally aspiring to become a university professor, he was preparing for a doctoral program in 1966 when he received a call from his father and returned to Korea to begin his life as a businessman.
Cho played a leading role in the construction of the Ulsan factory for Dongyang Nylon, the predecessor of Hyosung. Starting as president and CEO of Dongyang Nylon in 1970, he spearheaded a range of businesses including Dongyang Polyester, Hyosung Corporation and Hyosung Heavy Industries, laying the foundation for the development of Korea's manufacturing sector.
After becoming Hyosung's second-generation chairman in 1982, he grew the company into a global enterprise through management innovation and overseas market expansion.
Spandex stands out among the signature products developed at the technology research institute he established in 1971 — the first such facility set up by a private company in Korea. At the time, only the United States, Germany and Japan possessed spandex manufacturing technology. Hyosung's spandex first claimed the No. 1 global market share in 2010 and has maintained that position ever since.
Hyosung also became the first Korean company to develop carbon fiber, a next-generation material that can replace steel. The company began technology development ahead of other domestic competitors in 2008 and completed carbon fiber development within three years, in 2011. In addition, Hyosung achieved the world's first commercialization of polyketone in 2013, an innovative high-polymer material heralded as the successor to nylon.
Honorary Chairman Cho served as chairman of the Federation of Korean Industries — now the Korea Enterprises Federation — from 2007 to 2011, playing a pivotal role in the broader business community beyond his own group's management. He was also recognized as a leading "private-sector diplomat" for Korea's economy, serving as Korean chairman of the Korea-U.S. Business Council (2000–2009) and president of the Korea-Japan Economic Association (2005–2014).
