Hyosung Chairman Hyun-Joon Cho Achieves Global Innovation through "Agile Management."

• Emphasizing transformation into an agile organization... Achieving agile management through hydrogen, smart factories, etc.
• Chairman Hyun-Joon Cho: "For the company to survive and thrive, transformation into an agile organization is a must"

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Direction and Speed

Hyosung Group CEO Series Part 3

SEOUL, South Korea, Aug. 29, 2023 -- Hyosung Group Chairman Hyun-Joon Cho is making efforts to create an agile organization to adapt to the rapidly evolving global market. By adopting an "Agile Management" approach based on speed and efficiency, it is leading the way into the upcoming new-normal era.

He stressed, "During times of transformation, for a company to survive and create opportunities for success, it must undergo a transformation into an agile organization." He added, "The organization needs to operate with agility, quickly acquiring new technologies and trends."

Chairman Cho operates under an independent management system, centered around specialized executives for each subsidiary. By leveraging the expertise of each subsidiary in their respective products and fields, quick decision-making is enabled, ensuring competitiveness in the market without falling behind.

"Agile" entry into new fields such as hydrogen and smart factories

Chairman Cho has implemented agile management in the areas of "Hydrogen" and "Smart Factories." to promote carbon neutrality and expand renewable energy, it has expanded its business in liquefied hydrogen and hydrogen charging stations, and established digitalized factory management systems to drive innovation in the manufacturing process.

Hyosung Heavy Industries is collaborating with Linde plc, the global gas and engineering company, to establish the world's largest liquefied hydrogen plant with an annual capacity of 13,000 tons in Ulsan by 2023. According to the government's large-scale commercial hydrogen vehicle promotion policy, there are plans to build large-scale liquefied hydrogen refueling stations in around 30 locations nationwide, in line with the completion of the liquefied hydrogen plant.

For agile management, Hyosung has implemented "Smart Factories" in its production and operation systems. It has digitalized the manufacturing process, collecting, analyzing, and managing data from raw material imports to production and shipping. This technology has been deployed in global locations, including South Korea, China, and Vietnam, since 2018.

Chairman Cho is leading the employees toward practicing agile management through the core value system called "Hyosung Way." This system sets four core values - "Excellence," "Innovation," "Responsibility," and "Trust" - as the standards for thinking and behavior that all Hyosung members around the world should embrace to build a global Hyosung.