Hyun Jae-Hyun is chairman of Tong Yang Group, a South Korean conglomerate primarily engaged in financial services and cement manufacturing, in addition to production and sale of home appliances, construction, industrial engineering, information technology, textiles, and leisure. Hyun spearheaded the Group’s radical transformation from a cement-based manufacturer to a finance-based service provider, which now includes investment banking, asset management, and life insurance. Prior to joining Tong Yang in 1977, Hyun served two years as public prosecutor at the Public Prosecutor’s Office in Busan and three years as judge advocate officer in the Korean Navy. Hyun holds a number of civic and professional appointments that include, among others, chairman of Korea-U.S. Business Council, vice-chairman of the Federation of Korean Industries, and member of the Trilateral Commission Pacific Asia Group. From 1996 to 2008, Hyun served as one of three members on the Korean delegation of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). In 2005, he was appointed chairman of ABAC when Korea was host economy to APEC and duly chaired the APEC CEO Summit that year. Alongside his dedication to work, Hyun is committed to serving his community as chairman of the Youth Hope Foundation, a non-profit organization providing education to underprivileged children. Hyun received his bachelor’s and master’s degrees in law from Seoul National University. He earned his MBA, Class of ’81, from the Stanford Graduate School of Business. Hyun currently lives in Seoul with his wife and four children.

Bill Rhodes is president and CEO of William R. Rhodes Global Advisors, LLC, and professor-at-large at Brown University. He is also Senior Advisor for Citi, having most recently served as Senior Vice Chairman, Citigroup and Citibank. Mr. Rhodes gained a reputation for international financial diplomacy in the 1980s as a result of his leadership in helping manage the external-debt crisis that involved developing nations and their creditors worldwide. During that period and in the 1990s, he headed the advisory committees of international banks that negotiated debt-restructuring agreements for Argentina, Brazil, Jamaica, Mexico, Peru, and Uruguay. In 1998, when the Republic of Korea experienced liquidity problems, he chaired the international bank group that negotiated the extension of short-term debt of the Korean banking system. Among his many roles, Mr. Rhodes serves as Chairman of the U.S.-Korea Business Council, a Director of The Korea Society, and as a member of President Lee’s Council of Global Advisors.

For over 20 years, the U.S.-Korea Business Council and the Korea-U.S. Business Council have facilitated business relations between the United States and Korea and provided crucial mechanisms for Korean and American businesses to form long-term partnerships. Made up of senior executives from Korean and American companies, the Councils have worked together to promote the bilateral relationship at the highest levels, develop trade strategy, and strengthen friendships and mutual understanding.

The Korea-U.S. Free Trade Agreement, a market-opening pact that promises new opportunities for two-way trade and investment, represents the latest effort of a membership devoted to expanding the economic ties between the peoples of the United States and Korea.

When General James A. Van Fleet, for whom this award is named, founded The Korea Society, Korea’s economy had been devastated by war. Today, the Republic of Korea boasts the world’s 15th largest economy and is the United States’ 7th largest trading partner. The members of the Korea-U.S. and U.S.-Korea Business Councils have contributed to an economic miracle that provides innumerable benefits to the peoples of both countries.

Through their steadfast advocacy of two-way trade and investment, the Korea-U.S. Business Council and the U.S-Korea Business Council have made indispensable contributions to the bilateral relationship, and exemplify the leadership, partnership, and creativity of Koreans and Americans working together.

For all these reasons, The Korea Society is delighted to present the 2011 James A. Van Fleet Award to the U.S.-Korea Business Council and the Korea-U.S. Business Council.

Chairman Hyun Jae-Hyun will accept the award on behalf of the Korea-U.S. Business Council.

Chairman William R. Rhodes will accept the award on behalf of the U.S.-Korea Business Council.