Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
HD Hyundai scion promoted to vice chairman
Chung Ki-sun, vice chairman of HD Hyundai / Courtesy of HD Hyundai
By Baek Byung-yeul
Chung Ki-sun, CEO of HD Hyundai and grandson of Hyundai Group founder Chung Ju-young, was promoted to vice chairman, thereby commencing the beginning of the third generation of management of the shipbuilding, oil refining and machinery conglomerate, the group said Friday.
HD Hyundai announced its regular reshuffle of executives and Chung, son of Chung Mong-joon, the largest shareholder of HD Hyundai and chairman of the ASAN Foundation, who will serve as vice chairman.
Revealing the reason why he was promoted, HD Hyundai said Chung has played a leading role in improving its corporate structure and overcoming the crisis, despite the downturn in the global shipbuilding industry. Chung also has worked hard to secure shipbuilding orders and develop new technologies for future growth.
The promotion of Chung is seen as a sign that HD Hyundai is preparing the next generation of its leadership as the young leader, born in 1982, is expected to bring new ideas and perspectives to the shipbuilding giant. Currently, Kwon Oh-gap, who joined the company in 1978, has been the chairman of HD Hyundai.
“Chung will play an important role in the sustainable growth of existing businesses amidst the rapidly changing global economy, as well as pioneering the group's future businesses and transforming its organizational culture for the next 50 years," an HD Hyundai spokesperson said.