HD Hyundai announced on Nov. 14 that Chung Ki-sun has been promoted to senior vice chairman as part of a recent leadership reshuffle. The company also appointed new CEOs for three of its major affiliates.
Chung, the grandson of Hyundai Group’s late founder Chung Ju-yung and the eldest son of Asan Foundation Honorary Chairman Chung Mong-joon, has been leading HD Hyundai alongside Chairman Kwon Oh-gap. After being promoted to vice chairman last November, Chung has now ascended to the role of senior vice chairman, marking another significant step in his leadership within the company.
The reshuffle also elevated Cho Seok, currently the president of HD Hyundai Electric, to vice chairman. Among other key appointments, Kim Jae-eul, vice president and head of shipbuilding at HD Hyundai Heavy Industries, has been named the new president of HD Hyundai Samho Heavy Industries.
Song Myung-jun, vice president and head financial support at HD Hyundai, has been appointed president of HD Hyundai Oilbank and will serve as co-CEO alongside Vice President Jeong Im-joo, who heads safety and production. Additionally, Kim Young-ki, vice president, has been promoted to president of HD Hyundai Electric.
“These executive appointments were made to proactively address the rapidly shifting business landscape, including changes in the global economy following the U.S. election, the ongoing war in Ukraine, and fluctuations in oil prices and exchange rates,” an HD Hyundai spokesperson stated.
The nominated CEOs are expected to be officially appointed following approval at upcoming shareholder meetings and board sessions. Further executive appointments are expected to be announced soon as the company continues its restructuring.
