Hyundai Heavy Industries Business Group conducted a reshuffle in which each vice chairman of the group’s three mainstay units — shipbuilding, energy and construction machinery — was appointed to ramp up responsibility management.
Senior Executive Vice President Chung Ki-sun, the eldest son of Chairman Chung Mong-joon of the Board of the Asan Social Welfare Foundation was promoted to president to stand at the forefront of management.
The junior Chung was named as president of Hyundai Heavy Holdings, the holding company of the HHI Group, and president of Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company.
KSOE President Ka Sam-hyun, President Han Young-seok of Hyundai Heavy Industries, President Kang Dal-ho of Hyundai Oilbank and President Sohn Dong-youn of Hyundai Doosan Infracore were promoted to vice chairman.
Business sources said promoting the junior Chung to president of KSOE may be construed as a bid to transfer management to him, a third-generation heir-apparent., in earnest.
KOSE has established itself as a control tower to secure next-generation proprietary technologies, such as eco-friendly and smart ships as its subsidiary HHI was listed on a bourse recently.
As he takes office, the junior Chung is predicted to accelerate efforts to secure an upper hand over a hegemony over the future shipbuilding sector.
The junior Chung, which entered HHI in 2009, was responsible for spearheading the group’s new businesses.
As he took office as co-CEO of Hyundai Global Service, the company had grown into one with more than 1 trillion won in annual sales by expanding its business portfolio to ship conversion into eco-friendly ones and ship digitalization business on top of the conventional ship after-sale service business.
The junior Chung, senior executive vice president of Hyundai Heavy Industries Holdings, spearheaded the hydrogen project it is implementing with Aramco of Saudi Arabia.
He has been charged with exploring new businesses as he inaugurated “AI One Team,” an AI industry cooperation initiative, in cooperation with LG Electronics and KT.
The junior Chung has headed the Future Committee, an in-house committee, and he has been ramping up communications with staffers in their 20s and 30s. He owns a 5.26 percent stake in HHI Holdings or 4,155,485 shares.
Hyundai Global Service Senior Executive Vice President Ahn Kwang-hyun and Senior Executive Vice President Lee Ki-dong who served as co-CEOs of the company with the junior Chung, were promoted to president.
President Lee Sang-gyun, head of the shipbuilding business, was appointed as co-CEO of HHI while Vice Chairman Sohn Dong-youn was named as co-CEO of Hyundai Genuine, an intermediate holding company of the machinery unit.
A view of a concept ship, measuring 166 meters in length overall, carrying a liquefied hydrogen tank, 20,000 cubic meters in size, now under development by Korea Shipbuilding & Offshore Engineering (KSOE).
‘Hyundai Doosan Infracore Aims to be Global Top 5 Company’
President Cho Young-chul of Hyundai Doosan Infracore revealed a vision of making the company a global top 5 construction machinery maker by 2025. He made the remark while delivering his inaugural e-mail message on Oct. 18.
HHI Holdings completed its acquisition of Doosan Infracore and name it as Hyundai Doosan Infracore.
President Cho and Senior Executive Vice President Oh Seung-hyun were appointed to be co-CEO of Hyundai Doosan Infracore.
President Cho said he felt a sense of heavy responsibility of making a leap forward as a global top-tier company and revealed a plan to focus on communications and R&D.
He said Hyundai Doosan Infracore plans to reorganize its operation to max out R&D efficiency to secure an upper hand in next-generation construction machinery markets such as unmanned and automation technology sectors.
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