Chung Euisun has finally removed "de facto” addition to his title as the head of South Korea’s second largest conglomerate Hyundai Motor Group after two years at the helm in place of his father and gains traction in his push to transform the automaking group as a global leader in future mobility and green fuel.

The flagship units Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. unanimously endorsed Chung Euisun’s inauguration as the motor group’s chairman in separate meetings on Wednesday, the group announced.

Chung Mong-koo surrenders official titles to remain as the Honorary Chairman.

Hyundai Motor shares closed 0.56 percent lower at 178,000 won ($155.26) in Seoul, and Kia Motors 2.29 percent down at 49,150 won in Seoul. Hyundai Mobis shares fell 1.7 percent to 231,500 won.

A generational change has taken place in the top automaking group in 20 years.

The younger Chung, 49, became responsible for everyday duties by ascending to Executive Vice Chairman in September 2018.

With full control, he will likely speed up efforts to drive future mobility innovation across group to make another leap forward amid growing uncertainties in the fast-changing auto industry landscape and lingering virus threats.

“For the free movement and prosperity of humanity, we will develop the world’s most innovative and reliable autonomous driving technology, offering entirely new mobility experience,” Chung told employees in a virtually broadcasted inauguration ceremony, visualizing future lifestyle with focus on hydrogen fuel-cell electric vehicles, robotics and urban air mobility technologies.

Since the younger Chung took command, he has been aggressively pushing with the transition from traditional car manufacturing business into a future mobility provider using latest technologies such as AI, Internet of Things, and robotics.

Under his leadership, the company is developing not only a level 4 self-driving car but also a flying car, dubbed Urban Air Mobility (UAM). It is also pushing hard to make hydrogen fuel-cell vehicle as the next green car mainstream along with its own EV cars. It is partnering with various entities to expand hydrogen infrastructure across the country as well as in the world.

“Customers-first, humanity and social contribution” was highlighted by the new-generation leader.

“All of our goals and efforts must be customer-centric. The first step to customer happiness is to enable them to focus on their own lives through perfect quality of our products and services,” said Chung.

Chung has so far taken over a series of posts from his father to tighten his control over the group. He was promoted to co-chief executive of Hyundai Motor and Hyundai Mobis last year and then took over the chairmanship of the Hyundai Motor board in March this year.

The 82-year-old Chung, who served as the board chair for the past 21 years, has been hospitalized since mid-July for treatment of colonic diverticulitis.

Chung Euisun studied business administration at the University of Korea and earned a MBA degree at the University of San Francisco. He joined Hyundai Mobis in 1994 and served as various roles at the group’s all auto related units – Hyundai Motor, Kia Motors and Hyundai Mobis.

By Lee Jong-hyuk and Lee Ha-yeon

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