Hyundai Heavy Industries reshuffles top management

Hyundai Heavy Industries, the nation’s top shipbuilder, conducted a reshuffle yesterday for presidential-level employees to strengthen its management system and improve efficiency.

HHI said CEO Lee Jai-seong has been promoted from president to chairman. HHI’s largest shareholder is lawmaker Chung Mong-joon, but he hasn’t been participating in management since 2002, leaving others to lead his company.

Meanwhile, President Kim Oi-hyun, who was previously in charge of the company’s shipbuilding and offshore facility business, has added the company’s plant business to his portfolio. Kim Jung-rae, CEO of Hyundai Corp., the trading company, moved over to manage HHI’s engine, electronic and construction tool business.