Hyundai Heavy cuts 31% executives

By Park Ji-won

Hyundai Heavy Industries laid off 81 executives of 262 in its affiliates as part of its restructuring effort to overcome record losses.

It conducted a large reshuffle at Hyundai Heavy Industries, Hyundai Mipo Docyard and Hyundai Samho Heavy Industries.

“We rushed to finish the reshuffle in a short period to regain competitiveness through improving structural problems of human recourses,” Hyundai Heavy Industries said in a statement.

It took four days since the company asked its executives to offer resignation to find a breakthrough by cutting labor cost.

The company promoted the 31-year-old executive director Chung Ki-sun to vice president, the oldest son of its largest shareholder Chung Mong-joon, formal lawmaker.

Ha Gyung-jin, who served as CEO and senior executive vice president at Hyundai Samho Heavy Industries, was promoted to CEO and president of the company.

Moon Jong-bak, who served as CEO and senior executive vice president at Hyundai Oilbank, was also promoted to CEO and president of the company.