Hyosung Group announced Sunday that it held a memorial ceremony to commemorate the first anniversary of the passing of Honorary Chair Cho Suck-rai, remembering the man whose spirit of challenge remains central to the group's identity.

The 40-minute ceremony took place Saturday at Hyosung’s headquarters in Seoul, with family members and company executives in attendance. During the memorial, current Chair Cho Hyun-joon paid tribute to his father’s enduring legacy and unyielding drive.

“My father always reminded me that crises can strike at any time and that a company must be able to turn them into opportunities,” Cho said.

“We live in a time of growing uncertainty both at home and abroad,” he continued. “I will carry on his legacy and ensure that Hyosung becomes a future-ready company — one that transforms crisis into opportunity and quickly adapts to global changes."

He also pledged to work closely with HS Hyosung Vice Chair Cho Hyun-sang to “do our utmost to contribute to the Korea-US-Japan economic and security alliance.”

Born in 1935 as the eldest son of Hyosung founder Cho Hong-jai, the late honorary chair passed away on March 29 last year at the age of 89. He led Hyosung for over half a century before stepping down in 2017 due to age and health issues.

Beginning in 1970 with his leadership at Tongyang Nylon — later rebranded Hyosung T&C — Cho went on to lead Hyosung’s expansion across key sectors including textiles, heavy industries and chemical materials.

Appointed as the group’s second chairman in 1982, he steered Hyosung’s push into global markets.

Beyond Hyosung, he also played a significant role in Korea’s business diplomacy. He served as chair of the Federation of Korean Industries from 2007 to 2011, led the Korea-US Economic Council from 2000 to 2009 and headed the Korea-Japan Economic Association from 2005 to 2014.

By No Kyung-min (minmin@heraldcorp.com)