HHI Group Conducts Reshuffle for CEOs of Subsidiaries & HHI’s Business Heads

HHI Senior Executive Vice President Chung Ki-sun / HHI Co-president
Han Young-seuk

HHI Co-president Ga Sam-hyun / President Shin Hyun-tai of Hyundai Mipo Shipyard

President Lee Sang-gyun of Samho Heavy Industries / President Kang Dal-ho of
Hyundai Oilbank

Senior Executive Vice President Chung Ki-sun of Hyundai Heavy Industries was appointed to be head of HHI Group’s ship & offshore business. Senior Executive Vice President Chung took over the job, once assumed by co-President &CEO Ga Sam-hyun of HHI.

Senior Executive Vice President Chung, the eldest son of Chairman Chung Mong-joon of Asan Social Welfare Foundation and HHI’s largest shareholder, has been groomed as the heir-apparent of the senior Chung.

The junior Chung was also made CEO of Hyundai Global Service and head of the Management Support Office at HHI Holdings. Meanwhile, HHI Group carried out a reshuffle of presidents of the group’s major subsidiaries and HHI’s business heads on Nov. 6.

Hyundai Mipo Shipyard President Han Young-seuk and President Ga Sam-hyun of HHI’s ship & business division were appointed to be co-president of HHI, the nation’s largest shipbuilder.

HHI Senior Executive Vice President Shin Hyun-tai was promoted to president of Hyundai Mipo Shipyard. Senior Executive Vice President Lee Sang-gyun of Hyundai Samho Heavy Industries was promoted to president of the shipbuilder. Senior Executive Vice President Kang Dal-ho of Hyundai Oilbank was promoted to president & CEO of the refinery.

New Oilbank President Kang, born in 1958, graduated from Yonsei University Chemical Department. He held positions such head of the production division at Hyundai Oilbank’s plant in Daesan and president of the Central Technology Research Institute before he was appointed to be chief of the safety production headquarters of the refinery in 2014. Senior Executive Vice President Chung Myung-rim, who was appointed to be head of Hyundai Electric in July, was promoted to president in the latest reshuffle.

Executive Vice President Suh Yoo-sung was appointed to be head of HHI Holdings’s robot business division.

HHI Expected to Top 2018 Ship Order Goal of $13.2 Billion

Hyundai Heavy Industries is predicted to surpass this year’s sales goal of $13.2 billion, HHI President Ga Sam-hyeon said. “HHI is likely to see winning shipbuilding order records top this year’s goal, and riding on the back of afterward performance improvement, (HHI) is expected to return to the previous years’ average in 2020,” he said.
Chances are high that the Korean shipbuilding industry may see a revival from the years-long economic downturn as Korean shipbuilders, including HHI, have swept all LNG ship orders so far this year.

At HHI’s analysts meeting, President Ga of HHI, the nation’s largest shipbuilder, said, “Order records are expected to surpass this year’s goal of $13.2 billion on the back of this year’s winning of LNG ship orders.”

It was the first time that Ga has made a public appearance since last month when he was selected to president of the company. On the other hand, in consideration of the order industry’s characteristics in which the portion of orders out of sales remained high in 2016 and 2017, President Ga said outlooks in 2010 are not rosy.

HHI is concentrating all capabilities on steps such as retrenchment to turn around on top of the constant recovery of the order market, he said.

HHI Group’s shipbuilders – HHI, Hyundai Mipo Shipyard and Hyundai Samho Heavy Industries – have won orders to build a combined 146 ships, including 25 LNG and 25 other containerships and 51 tankers, achieving 95 percent of its annual goal. HHI alone won a total of 53 ship orders worth $6.2 billion, accounting for about 91 percent of the 2018 goal.