SEOUL – Hyosung Group announced the passing of Chairman Emeritus Cho Suck-rai on Friday at the age of 89, marking the end of a distinguished career that significantly influenced South Korea's heavy chemical industry and the global standing of Hyosung. Cho was celebrated for his visionary leadership and commitment to innovation, which positioned Hyosung's products, such as spandex and tire cords, as leaders in the global market.
According to Yonhap News Agency, Cho's dedication to technology and quality was instrumental in Hyosung's ascent to global prominence. As the eldest son of Hyosung's founder Cho Hong-jai, he pursued an education in chemistry at Waseda University and later obtained a master's degree in chemical engineering from the University of Illinois. Starting his career at Hyosung Corp. in 1966, Cho's leadership saw the company expand its footprint from textiles to chemicals, highlighting his entrepreneurial spirit and foresight.
Under Cho's guidance, Hyosung established Korea's first technology research institute in 1971, emphasizing the importance of innovation. The company's spandex brand, "creora," became globally recognized for its quality under his stewardship. Beyond his business achievements, Cho was also known for his role in private diplomacy and fostering international relations, fluent in Japanese and English, and maintaining strong connections with significant global figures, including former Japanese Prime Minister Yasuo Fukuda.
Cho's influence extended to his active participation in regional business associations and his two-decade tenure as chairman of the Federation of Korean Industries (FKI), where he represented South Korea's business community on various international platforms.
However, Cho's legacy was marred by family disputes and legal challenges towards the end of his life, including a publicized power struggle with his second son, Hyun-moon, which led to his departure from Hyosung in 2016. Additionally, Cho faced investigations and legal proceedings related to allegations of corporate tax evasion and fraudulent accounting, with the case still unresolved at the time of his passing.