Former Chairman Cho Suk-rae of Hyosung Group. (Photos: Hyosung Group)

Hyosung Group published a collection of articles written by 80 people on its former Chairman Cho Seok-rae on May 31 through a Publication Committee led by Chairman Sohn Byung-doo, who also heads the Hoam Foundation as chairman.

The article contributors also include former Prime Minister Lee Hong-goo, former Deputy Prime Minister Kwon Oh-kyu, Chairman Huh Chang-soo of the Federation of Korean Industries, honorary Chairman Sohn Kil-son of SK Telecom and former Japanese Prime Minister Yasuo Fukuda, among others. All of their articles dealt with the theme “My Meeting with That Man, Cho Seok-rae,” with most of them recalling Cho asking “That’s how the job has been expanded?” as he receives the reports on the completion of a project when he was the chairman of the FKI, showing his deep interest in creating jobs in every project the FKI undertook. He led the business firm’s organization from 2007 until 2011. 

The group wanted to publish it in 2014 when the chairman was 80 years old, but it had been put off until now due to his frail health. They decided to go ahead with the plan this year with the chairman’s eldest son taking over the management of the group as chairman. The chairman got his college degree at Waseda University in Japan at the urging of his father Cho Hong-je, the founder of the group, and he had passion to do good for fatherland when his was young at college as well as when he started working for the group. Former Prime minister Lee Hong-goo recalled that the chairman displayed did his best for the industrialization and globalization of the Korean industries.

The late Korean ambassador to the U.S. Hyun Hong-joo wrote that Cho worked hard for the early conclusion of the Korea-U.S. FTA, the exemption of U.S. visas for Koreans, and the relaxation of the Intellectual Property Rights out of his concern that business firms can do well when their country does well.

Former advisor Kim Jin-hyun of the group said on countless occasions that the chairman took turns to persuade the U.S. legislators, key business executives of the U.S. business community, and government officials to do their best when the FTA talks between Korea and the U.S. hit an impasses. The chairman also has been known for his daring manners in dealing with the government; he would spit out words good or bad on government policies.

Sohn Kil-son recalled Chairman Cho’s daring criticism of the bank’s high interest rates when the Financial Affairs Committee of the National Assembly visited the FKI head office in 1990. Cho stood up during a meeting with legislators and criticized the Korea Development Bank’s loan policies taking so much funds off loans to the dismay of borrowers on top of the 10 percent annual interest rates borrowers had to pay. Former Japanese Prime Minister Fukuda said he highly regards Chairman Cho’s achievements when he was the Korean side chairman of the Korea-Japan Economic Association from 2005 to 2014, adding that they are also alums of Waseda University. 

Chairman Huh Chang-soo of the FKI said Chairman Cho was “Mister Global” having gone to school both in Japan and the U.S. to recognize early the crucial importance of international relations for business firms and did an outstanding job in helping Korean business firms advance overseas as chairmen of the Korea-U.S. Economic Council, the Asia-Pacific Economic Council and the Korea-Japan Economic Council.

Hyosung announced a personnel change on Dec. 29 in which Cho Hyun-joon, current executive in charge of group-wide strategy, will be promoted to chairman and his younger brother and current vice president Hyun-sang will be promoted to president. Both are grandsons of the group's founder Cho Hong-je. Even though the current chairman and the two top executives' father, Cho Seok-rae, would retire from day-to-day business affairs, he will retain the position of president in Hyosung Corp.

The new chairman said after taking over the chairmanship, "There are several Korean companies making noticeable growth in the global market. I will make sure to take our group to a fast-growth lane based on fair play like an athlete." 

The cover of the book containing the articles on Chairman Cho written by some 80 notables who knew him well entitled, “That Man, Cho Suk-rae, I Met.”