SEOUL, South Korea--(BUSINESS WIRE)--Hyosung Group (KRX:004800) Chairman Cho Hyun-joon took the CEO position on July 14, opening the era of a third-generation member of the founding family. Hyosung marks the 51st anniversary of its foundation this year.
After taking office, Cho told mid-level managers to “feel free to contact me by email or by messenger any time regardless of report forms, if you have something to say.” This was a move to remove barriers to efficient communication.
The first thing he did as chief executive was to visit five factories in Korea as part of his efforts to promote communication. He often visits places of business and listen to customers carefully. Hyosung employees respond positively to his drive for efficient communication, saying decision making has become a lot faster after communication barriers were removed.
His emphasis on listening has been applied business-wise successfully. A case in point is “xtrm Voice of Consumer,” a customer management solution that Hyosung ITX developed using artificial intelligence. The solution concept starts with listening to customers through customer contact centers. What they say are then converted to big data for analysis and managed. Cho has pushed for the expansion of the xtrm VOC business.
The business community watches Hyosung and Cho closely to see which way the wind of change is blowing in the group. Its employees say their organization has become more vigorous after a new leader in his late 40s took over from his predecessor in his 80s.
Hyosung has improved its performance steadily, with its operating profit topping 1 trillion won ($888 million) last year for the first time in its history propelled by high-tech textile business that Cho managed.