HD Hyundai Chairman Kwon Oh-gap was presented with the Order of Industrial Merit, Gold Tower in recognition of his contribution to the development of the national industry.
Chairman Kwon received the order in recognition of a company manager’s achievements, such as the development of the Korean shipbuilding industry and spreading of a culture of sharing at a ceremony to celebrate the 50th anniversary of Commerce Day.
The event took place at the Korea Chamber of Commerce and Industry Building in Jung-gu, Seoul, on March 15.
The Order of Industrial Merit is awarded to those who have made outstanding contributes to the development of the national industry, and the Gold Tower of the order is the highest honor.
While working with HD Hyundai for 44 years, Chairman Kwon has been credited with having grown HD Hyundai into a technology-centric, global industries company through dramatic decision-making based on innovation and communication management.
He has been praised for laying a foundation for growth in the energy sector by expanding Hyundai Oilbank’s business portfolio to petrochemical, lubricant oil, carbon black and oil stockpile business, beyond the sole business of refining crude oil since he took office as Hyundai Oilbank president in 2010. Under his watch, operating profit jumped to around 1 trillion won in four years from 130 billion won.
In particular, Chairman Kwon has been acknowledged for carrying out high-intensity reform measures, such as restructuring of businesses, disposing of non-essential assets, and reinventing a variety of personnel systems as he took office as president of Hyundai Heavy Industries in 2010, when the Korean shipbuilding industry suffered a recession.
At that time, Chairman Kwon spearheaded efforts to share the pain, caused by retrenching, such as returning his pay and turned around loss to profit two years after spinning off the electric, construction machinery and robotics units, not closely related with the shipbuilding industry into separate entities.
Under the stewardship of Chairman Kwon, HD Hyundai has made strenuous efforts to ramp up the global competitiveness of the Korean construction machinery industry by acquiring Doosan Infracore and maxing out synergetic effects in the industry with the goal of making Korea a global top five power.
Chairman Kwon has been famed for hiring freshmen employees annually when the shipbuilding industry suffered a setback, recognizing the fact that the future of companies hinges on manpower and technology development and leading efforts to ramp up the competitiveness of HD Hyundai, such as developing eco-friendly ships, building smart shipyards, developing automation and unmanned equipment and building the eco-friendly energy environment.
Chairman Kwon has been noted for laying foundation to grow HD Hyundai into a technology-centric company leading the 4th Industrial Revolution by dedicating the Global R&D Center in Pangyo late last year and declaring a second take-off by changing the group’s name to HD Hyundai and unveiling its new CI and vision in celebration of the 50th anniversary.
Chairman Kwon is reputed for redoubling efforts to fulfill social responsibility as a conglomerate. HD Hyundai established Hyundai Oilbank 1 Percent Sharing Foundation, calling for its executives and staffers to donate 1 percent of their pay in 2011.
The group has expanded donation to the whole of the group. Of late, HD Hyundai changed the name of the foundation to HD Hyundai 1 Percent Sharing Foundation.
The foundation has implemented projects to back neighbors in need, such low-income family children, youth from welfare facilities and senior citizens who live alone and supported funds to overcome national disasters and volunteer activities.
Chairman Kwon said, “My winning of the Order of Industrial Merit, Gold Tower is owed to HD Hyundai executives and staffers who have made efforts toward mission of being their representatives at each sector, and I’ll do my utmost to contribute to the development of the national industry through future technology development and manpower development.”
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