Cho Hyun-bum, chairman of Hankook & Company, noted, "It is very important to analyze and improve the past errors and wrong practices of Hanon Systems, which holds key national technologies, and how we innovate over the next three years." He urged, "Starting now, let’s execute proactive innovation with all members in a desperate mindset."
During a management strategy meeting for Hanon Systems held on the 28th of last month at the company’s Techno-Plex headquarters in Pangyo, Gyeonggi Province, Cho said, "Despite the uncertain global economic situation, we have established innovative mid- to long-term strategies. We need to collaborate on what we need to do and how, and rather than focusing on planning, strategy, or decision-making, please move quickly with a focus on execution."
He stated, "Hanon Systems is the world's second-largest thermal management system company and possesses key national technologies. Based on our own proactive corporate culture, let’s focus on normalizing Hanon Systems’ financial structure and pouring all our efforts into research and development for advanced technology that contributes to national competitiveness."
As a direction for improving Hanon Systems, he presented: ▲ embedding innovative management habits and mindset ▲ enhancing industry and market understanding ▲ improving sustainable research and development measures ▲ ensuring transparent and efficient communication.
He added, "We will abolish existing accounting policies that aim to show high operating profits in the short term and will move forward in a direction that accurately reflects the essence of the corporation. It is positive that we can identify and solve issues that the private equity funds and existing management have postponed."
Recently, Hanon Systems underwent a core organizational reorganization to enhance global competitiveness, efficiency, and financial structure. The core of the reorganization was to partition the organization by finished vehicle brand and delegate core business functions related to operations.
The company established execution-centered 'Regional Business Groups' in four regions: Asia-Pacific, China, the United States, and Europe. Each group received key business-related functions such as sales, product planning, production, quality management, purchasing, and finance, which were previously held at the global headquarters.