Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Chung Tae-young steps down from Hyundai Capital
Hyundai Card and Capital CEO Chung Tae-young / Courtesy of Hyundai Card-Hyundai Capital
By Anna J. Park
By Anna J. Park
Chung Tae-young, vice chairman and CEO of Hyundai Card, Hyundai Commercial and Hyundai Capital ― also known as “Ted Chung” abroad ― will be stepping down from his post at Hyundai Capital, following 18 years at the helm of the company.
According to the financial industry, Tuesday, Chung's resignation will be made official at a board meeting of Hyundai Capital, slated for the end of the month. After his resignation, Mok Jin-won, who has been leading Hyundai Capital along with Chung, in the company's dual-CEO structure since April, will take sole charge.
Chung's resignation from the auto finance company is viewed as an apparent attempt to bring more focus on Hyundai Card as well as Hyundai Commercial, in order to produce more innovation amid the rapidly changing payment business environment. The company's introduction of the dual-CEO structure in April was also interpreted as Chung's planned move to tender his resignation in the near future.
Following his resignation, Chung is expected to focus on finding future growth engines for Hyundai Card and Hyundai Commercial, particularly in the arena of digital technologies, such as artificial intelligence and data science.
Digital-based marketing and analysis has now become a core capacity for financial payment companies such as Hyundai Card to expand their customer base, as competition in the market has become more heated than ever.
While Chung will be putting his effort in Hyundai Card and Hyundai Commercial, automobile financing firm Hyundai Capital is expected to focus on creating more synergy with auto giant companies, in order to bring about innovative changes in the mobility industry.
During his years as the top leader of Hyundai Capital, Chung was known as the hidden force helping the company renew its corporate culture, by integrating a big data scientific approach into its payment installment plans for vehicles.