Vice Chairman and CEO Cho Hyun-sang will step down as CEO of HS Hyosung, the holding company of HS Hyosung Group. Instead, Cho will serve as an inside director at HS Hyosung Advanced Materials, which operates businesses such as tire reinforcement materials and industrial yarn.
On the 30th, HS Hyosung said in a disclosure titled "change of CEO" that it will shift from the dual-CEO system of Vice Chairman Cho and Executive Vice President Ahn Seong-hoon to a dual-CEO system of Vice Chairman Noh Ki-soo and Executive Vice President Ahn Seong-hoon. Noh, who will replace Cho as co-CEO of HS Hyosung, is a former president of LG Chem and currently heads the HS Hyosung Institute of Technology.
HS Hyosung Advanced Materials is a key affiliate focused on industrial materials and fiber businesses, and in 1968 it became the first company in Korea to produce nylon tire cords. Tire cords are reinforcement materials that make up the interior of tires, and HS Hyosung Advanced Materials ranks No. 1 in market share for polyester (PET) tire cords.
However, HS Hyosung Advanced Materials has been pushing to sell its tire cord division for a year. Instead, it has moved to strengthen its silicon anode materials business. With these management environment changes ahead, some say Cho moved to an inside director role at HS Hyosung Advanced Materials.