HD Hyundai promotes Chung Ki-sun to senior vice president

Chung Ki-sun

HD Hyundai took a major step to strengthen its ownership structure by promoting Chung Ki-sun, grandson of the group’s founder, to senior vice chairman, a move that is also part of a broader senior management reshuffle. Chung is widely regarded as the successor to his father, Asan Foundation Chairman Chung Mong-joon, and is expected to accelerate HD Hyundai’s responsible management. With a 6.12 percent stake in HD Hyundai, the younger Chung is the second-largest individual shareholder after his father. The company is currently led by Chairman Kwon Oh-gap, a professional manager.

Born in 1982, Chung began his career at HD Hyundai in 2009 as an assistant manager. He later earned an MBA from Stanford University and worked as a consultant at Boston Consulting Group before rejoining HD Hyundai in 2013, where he took on key management roles.

HD Hyundai anticipates that Chung will directly oversee core corporate projects, including eco-friendly and digital technology innovations, while fostering a new corporate culture. The promotion suggests that HD Hyundai may increase investments in its booming shipbuilding and power equipment sectors, particularly in developing new technologies for eco-friendly transitions, a priority that Chung has emphasized.

HD Hyundai CI

HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai Group’s shipbuilding operations, has seen robust growth in the third quarter of 2024 with a 24.6 percent rise in revenue and a 477.4 percent surge in operating profit. Analysts attribute these gains to an increased focus on high-value vessels and improved productivity.

HD Hyundai Electric CEO Cho Seok was also promoted to vice chairman, reflecting the company’s positive performance. HD Hyundai Electric reported 788.7 billion won in revenue and 163.8 billion won in operating profit in the third quarter of 2024, up 13.6 percent and 91.8 percent respectively compared to a year ago. At HD Hyundai Samho Heavy Industries, Kim Jae-eul, currently the head of HD Hyundai Heavy Industries’ shipbuilding division, was promoted to president and appointed as the new CEO, reflecting strong internal demand for senior positions amid solid performance in the shipbuilding sector.

HD Hyundai Oilbank named Song Myung-joon, vice president of HD Hyundai’s financial support division, as its new president, alongside Jeong Im-joo, head of the safety and production division, who will serve as co-CEO. Song’s promotion underscores HD Hyundai’s efforts to strengthen financial management considering HD Hyundai Oilbank’s recent performance challenges.