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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyosung Group will push for the establishment of a new holding company centered on high-tech materials and reorganize it into two holding companies.
The new holding company will be headed by Vice Chairman Cho Hyun-sang.
As a result, Hyosung Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang, who have led the group with Brother Management, will start independent management in the wake of the reorganization of the holding company.
Hyosung said at a board meeting on the 23rd that it decided on a split plan to set up a new holding company Hyosung New Holding Co. (tentative name) by dividing the investment division for six companies, including Hyosung Information System (HIS) and Hyosung Toyota, focusing on Hyosung Advanced Materials.
As a result, Hyosung Group will hold an extraordinary shareholders' meeting in June to approve the company split and reorganize itself into two holding companies, Hyosung Co., Ltd., a surviving company, and a new corporation, Hyosung Holdings, as of July 1.
The existing holding company will be headed by Chairman Cho Hyun-joon, while the new holding company will be headed by Vice Chairman Cho Hyun-sang.
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