Hyundai Heavy Industries (HHI) Group has become latest of the Chung founding family of Hyundai empire to move to third-generation leadership.
Hyundai Heavy Industries Group announced on Tuesday that Chung Ki-sun, the only son of Chung Mong-joon, fourth son of Hyundai Group founder Chung Ju-young would double as the chief executive of HHI Holdings and Korea Shipbuilding & Offshore Engineering Co. (KSOE), the interim shipbuilding holding company of the group.
He has served as the chief executive and vice president of the holding company’s wholly owned ship repairing and maintenance business Hyundai Global Service.
Chung, 39, studied economics at Yonsei University and earned a master’s degree at Stanford University. He holds a 5.26 percent stake in the holding company. His father Chung Mong-joon holds the largest 26.6 percent stake.
In the earlier-than-usual annual reshuffle, the group changed faces in the vice-president level or higher at each unit under the holding company.
Lee Sang-kyun, chair of Hyundai Samho Heavy Industries, will be named as the co-chair of HHI and Joo Young-min, vice chair of Hyundai Oilbank as the co-chair of the refinery unit.
[Photo by Hyundai Heavy Industries]
Hyundai Doosan Infracore, which has joined the HHI group last month, will run under the co-management of Hyundai Genuine chair Cho Young-chul and Oh Seung-hyun, former vice chair of Doosan Infracore.
Machinery manufacturing unit Hyundai Construction Equipment will be spearheaded by Choi Chun-gon.
The reshuffle was carried out a month earlier than usual to speed up the post-merger integration process of the new equipment-making subsidiary Hyundai Doosan Infracore Co. and prepare for the management rights transfer to younger Chung, according to an industry source.
“Through the management reshuffle, the group aims to establish a responsible management system for its three core business sectors—shipbuilding, energy and construction and machinery—and further shore up its corporate value through synergy among subsidiaries,” an official from the HHI Group said.
The appointments will be finalized at a shareholders meeting.
Hyundai Motor Group also last year went under third-generation leader Chung Euisun.
By Han Woo-ram and Lee Soo-min
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