The Danbit Foundation, established last year by Hyosung's second son, Cho Hyun-moon, former vice president of Hyosung, is finalizing its board composition and starting the hiring of its workforce, signaling the beginning of its activities. The foundation, created with the full amount of assets inherited from the late Cho Suck-rai, honorary chairman of Hyosung Group, aims to enhance South Korea's soft power through the improvement of national competitiveness and diplomatic power.
According to the business sector on the 13th, the Danbit Foundation recently completed its board composition with the addition of five board members: Kwon Tae-kyun, chairman of ESG at POSCO Holdings; Kwon Gi-chang, executive vice president of the Korea Importers Association; Ye Jin-gu, representative of Gyujang, a Christian publishing company; Lee Yeo-jin, lawyer at Standard Chartered Bank's Management Support Compliance Division; and Lee Do-hoon, representative of Cheongjo Tax Accounting Office. They bring a wealth of international practical experience, having served in various roles including Administrator of the Public Procurement Service, ambassador to the United Arab Emirates, Ukraine, and the Democratic Republic of the Congo, and director of strategic planning for the National Security Council.
The Danbit Foundation is also in the process of hiring staff for practical operations. The foundation announced in a job posting that it is seeking individuals who possess a global mindset, communication skills with people from around the world, a proactive problem-solving attitude, creativity, and find happiness in helping neighbors with enthusiasm based on humility, integrity, and a spirit of service, with no restrictions on education and experience.
The Danbit Foundation was first mentioned at a press conference held in July last year by Cho Hyun-moon, who inherited stocks and other assets after the death of Cho Suck-rai, honorary chairman of Hyosung Group, in April. At the time, Cho noted, 'I will donate the entire inherited assets from my late father back to society. I will establish a public interest foundation and grant every penny of the inherited wealth, keeping none for myself.' Subsequently, in August last year, he received agreement from co-heirs Cho Hyun-jun, president of Hyosung, and Cho Hyun-sang, vice president of HS Hyosung, and completed the necessary procedures to establish the Danbit Foundation in September.
Regarding the foundation's establishment purpose, it stated, 'Despite the increased economic status and power of the nation, South Korea's soft power remains inadequate, and the response to various international issues is still passive. We aspire to extend a helping hand to those suffering from alienation, discrimination, and poverty in society to create a brighter community.'
The inaugural chairperson of the Danbit Foundation is Shin Hee-young, former president of the Korean Red Cross. Known as an authority in pediatric cancer treatment, he is credited with actively contributing to the advancement of health care in Korea while serving as the vice president of research at Seoul National University, president of the Korean Cord Blood Bank Association, and chairman of the Korean Red Cross.
Cho Hyun-moon, the founder of the Danbit Foundation, does not plan to directly join the board of directors. A business sector official noted, 'Cho will only provide the necessary funding for the foundation but will not directly be involved in its operations. It seems he is considering the potential for misunderstanding from the outside if he were to intervene.'
With the board formation complete, interest is growing regarding the foundation's first project. The foundation previously outlined four goals for its projects: ▲ fostering talents and building infrastructure to enhance national competitiveness; ▲ international development initiatives and humanitarian support; ▲ participation in transnational projects related to climate change; and ▲ support for socially vulnerable groups.
A foundation representative said, 'It is difficult to disclose the direction and content of the first project at this stage, but we have received many proposals from outside, and we are carefully reviewing projects internally.'