HD Hyundai promotes grandson of group's founder in C-suite reshuffle

HD Hyundai carried out an executive reshuffle, promoting Chung Ki-sun to executive vice chairman amid changes due to market conditions with the aim of enhancing competitiveness.

Chung Ki-sun [HD HYUNDAI]

HD Hyundai conducted a C-suite reshuffle on Thursday, promoting Chung Ki-sun from vice chairman to executive vice chairman just a year after his initial appointment.

Chung is the grandson of the Hyundai Group’s late founder, Chung Ju-young.

Chung is expected to lead the conglomerate’s key initiatives such as discovering future growth drivers, eco-friendly technologies and digital innovations, according to HD Hyundai.

Former HD Hyundai Electric CEO Cho Seok was tapped to take on the position of vice chairman.

New CEOs for its affiliates were also announced. The appointments will be official after gaining approval at each company’s annual shareholder meetings and board meetings later.

Kim Jae-eul, current HD Hyundai Heavy Industries vice president, was named president of HD Hyundai Samho.

Song Myung-joon, vice president of HD Hyundai, was appointed to be the co-CEO of HD Hyundai Oilbank alongside Vice President Jeong Im-ju, who currently heads safety and production at the oil refiner.

Kim Young-ki, vice president of HD Hyundai Electric, was named to head the electric power affiliate.

"The executive reshuffle was conducted to address changes in the business environment following the U.S. presidential election, the ongoing Ukraine conflict and fluctuations in oil prices and exchange rates,” an HD Hyundai spokesperson said in a statement. “Next year, we will focus on strengthening competitiveness across core businesses and securing future eco-friendly technologies."”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]