HD Hyundai promotes founder's grandson to chairman

HD Hyundai Chairman Chung Ki-sun / Courtesy of HD Hyundai

HD Hyundai Executive Vice Chairman Chung Ki-sun was promoted to chairman Friday, ending three decades of management at the family-owned shipbuilding group by non-family executives.

The 43-year-old’s elevation follows his promotion last year to executive vice chairman from vice chairman. Incumbent Chairman Kwon Oh-gap will step down from management after the shareholders’ meeting scheduled for March next year, as the 74-year-old has been named honorary chairman.

Following an earlier-than-expected year-end executive reshuffle, HD Hyundai announced the promotion of Chung — one of the grandsons of late Hyundai Group founder Chung Ju-yung and the eldest son of Asan Institute for Policy Studies Honorary Chairman Chung Mong-joon, the group’s largest shareholder. Chung’s father, who entered politics as a lawmaker in the late 1980s, has not been involved in the company's management since then.

“The latest executive reshuffle reflects our determination to pioneer a new era under new leadership amid increasingly fierce and diversified global business environments,” an HD Hyundai official said. “We will vigorously pursue new growth engines through innovation in all fields and balanced cooperation between new and existing management, aiming to become the world’s leading heavy industries group.”

Chung earned a bachelor’s degree in economics from Yonsei University and began his career as a journalist at The Dong-A Ilbo in 2007. After briefly working for the family business in 2009, he earned an MBA from Stanford University and worked at Boston Consulting Group from 2011 to 2013.

Since returning to HD Hyundai in 2013, Chung has played a key role in driving the company’s growth.

In 2016, he led the launch of HD Hyundai Marine Solution and oversaw the public listing of the shipbuilding components supplier, now valued at 11 trillion won ($7.7 billion). In 2021, he spearheaded the acquisition of Doosan Infracore, establishing construction equipment as a core business for HD Hyundai.

Currently serving as CEO of both HD Hyundai, the group’s holding firm, and HD Korea Shipbuilding & Offshore Engineering, the intermediary holding company for the group’s shipyards, Chung will also be named co-CEO of HD Hyundai XiteSolution, which oversees the construction equipment business.

Meanwhile, HD Hyundai Heavy Industries CEO Lee Sang-kyun and HD Hyundai XiteSolution CEO Cho Young-cheul were promoted to vice chairmen from presidents. Cho, newly appointed co-CEO of HD Hyundai, will jointly lead the holding firm with Chung.