Chairman Cho expected to be reelected
Hyosung Group Chairman Cho Hyun-joon is expected to be reelected as a board director during the group’s shareholders’ meeting slated for March 20.
Market observers point out that the solid performances of the Seoul-based group over the past few years would prompt shareholders to back Chairman Cho.
Under his leadership, Hyosung’s five major subsidiaries combined to reach 1 trillion won ($800 million) in operating profit last year.
The conglomerate’s overall sales of the big five stood at 18.12 trillion won for the operating income of 1.01 trillion won.
The group regained the membership of the 1 trillion won profit club for the first time since 2016.
The exploits were based on the group’s brisks efforts to tap into new business areas in the global markets, the key initiatives of Chairman Cho.
“In consideration of good bottom lines, Chairman Cho would easily win the supports of shareholders this month,” a Seoul analyst said. “Plus, the stakes of Cho and his family is also more than 50 percent.”
Chairman Cho owns 21.94 percent at Hyosung Corp, the holding company of the group, while his brother Cho Hyun-sang, who is the firm’s president, holds 21.42 percent. Their father of Honorary Chairman S.R. Cho has almost 10 percent.
The shareholders’ meeting will also discuss the agenda of reappointing President Cho as a board director.
Chairman Cho, 52, who studied at Yale University in the United States and Keio University in Japan, took charge of the conglomerate three years ago.