HHI Holdings Makes Fresh Start with New Name, HD Hyundai

Chairman Kwon Oh-gap of HHI Group.

President Chung Ki-sun of HD Hyundai, elected as an inside director of the holding company of Hyundai Heavy Industries Group at the 5th shareholders’ meeting.

Hyundai Heavy Industries (HHI) Holdings, the holding company of Hyundai Heavy Industries Group, appointed Chung Ki-sun, the eldest son of Chung Mong-joon, chairman of the Asan Foundation, and a 3rd generation successor of the late founder Chung Ju-yung, to be president of HD Hyundai.

Chung, who had already risen to the helm of Korea Shipbuilding & Offshore Engineering Co. (KSOE), a sub-holding company of the business group, is now president of HHI Holdings, which has now changed into HD Hyundai, thus solidifying his status as a 3rd generation heir-apparent.

HHI Holdings held the fifth-term regular shareholders’ meeting at Hyundai Building in Gye-dong, Jongno-gu, Seoul, on March 28 and approved the appointment of President Chung and Lee Ji-soo, a lawyer with the law firm Kim & Jang, to be an inside director and an outside director-cum member of the auditing committee, respectively.

HHI Holdings held a board of directors meeting following the shareholders’ meeting and appointed Chung as president & CEO. Now Chung jointly heads the holding company of the group, along with current Chairman Kwon Oh-gap of HHI Group.

Shareholders approved five proposals, including one on changing its name to HD Hyundai. HD stands for Human Dynamics.

The name change is designed to shift from the image of a traditional manufacturer to ramp up its standing and roles as an investment company exploring new growth engines, the business group said in a statement.

During the shareholders’ meeting, HD Hyundai disclosed a plan to strengthen its support for subsidiaries’ four new businesses, such as future shipbuilding, hydrogen fuel cell, digital and health care for the purpose of raising its corporate values.

At his speech at the shareholders’ meeting, Chairman Kwon Oh-gap of HHI Group said, “HHI Group, celebrating the 50th anniversary, will create new values through innovation for the next 50 years.”

HD Hyundai, the new name of the holding company, will aggressively explore HHI Group’s new growth engines by strengthening roles as investment-type holding company, he said.

Vice Chairman Ka Sam-hyun explains about proposals during the 5th shareholders’ meeting of HD Hyundai. (Photos: HHI Group)

‘HHI Group Prepares for Next 50 Years in Accordance with Spirit of Founder Chung Ju-yung’

In a message Chairman Kwon of HHI Group sent to his executives and staffers on the occasion of the 50th anniversary on March 24, he said, “As today, HHI, the parent company of the group, celebrates the 50th anniversary, the history of HHI is that of HHI Group, and we’ll create foremost values in all sectors through innovative thinking and creative activities for next 50 years.”

HHI has a 50-year history of making numerous challenges, in particular undergoing the hardest ordeal in the recent decade, Chairman Kwon said.

It was owed primarily to the protracted recession of the shipbuilding and maritime industry, but HHI, resting on its laurels as the world’s No. 1 shipbuilder, was also to blame for failing to prepare for the future, he said.

Chairman Kwon stressed renewal and change for the next 50 years, citing the founding spirit of the late founder Chung Ju-yung, who established HHI 50 years ago.