Chung Ki-sun, the heir apparent and vice chairman at HD Hyundai, has been promoted to the firm’s executive vice chairman, cementing his succession at the nation’s largest shipbuilding and heavy industry group, according to its year-end reshuffle of top management, Thursday, reports Korea times.
The promotion came only a year after he was appointed vice chairman, and market watchers believe that the reshuffle is part of HD Hyundai’s effort to accelerate the company’s management transition to a third-generation successor.
Currently, HD Hyundai is led by Chairman Kwon Oh-gap, but Chung’s recent promotion suggests that he will soon assume full control of the company, likely succeeding the current chairman.
He joined Hyundai Heavy Industries in 2013 and has since been promoted to the second-highest position at HD Hyundai over the course of nearly a decade.
Multiple businesses
HD Hyundai is a holding firm of HD Hyundai Group that handles multiple businesses, including shipbuilding and energy.
HD Hyundai also promoted a group of new leaders at its key affiliates on the same day.
The company recognized Cho’s contribution in achieving a major turnaround at HD Hyundai Electric. The firm reported more than 100 billion won ($71.12 million) in losses for two consecutive years from 2018. Under Cho’s leadership, however, it was able to swing to a surplus for the next four years.
Kim Jae-eul, formerly vice president of HD Hyundai Samho, has been promoted to president of the company, which specializes in manufacturing commercial vessels.
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Source: Koreatimes
