Chung rises at Hyundai Motor Group

Chung Tae-young

Chung Tae-young or Ted Chung, president and CEO of Hyundai Motor Group’s financial arm Hyundai Card, was promoted to vice chairman, the nation’s largest automotive group said Friday.

Chung has been heading the credit card and capital arm of Hyundai Motor Group for the past 11 years. The group said he has contributed to keeping the stable growth of the financial business on par with the growth of the automobile businesses of Hyundai Motor and Kia Motors.

Chung was born in 1960, majored French language and literature at Seoul National University and earned his MBA at the Massachusetts Institute of Technology. He joined Hyundai Group as a high-ranking official in charge of planning and management at Hyundai Corporation in 1987 and also worked in other affiliates under the Hyundai flag, including Hyundai Mobis and Kia Motors, before appointed as vice president of Hyundai Card in 2003. He was promoted to its president and CEO 10 months later. He is currently also serving as president and CEO of Hyundai Capital, which specializes in auto financing, and also heads Hyundai Commercial, which specializes in corporate finance.

Chung is also the son-in-law of Hyundai Motor Group Chairman Chung Mong-koo, married to the chairman’s second eldest daughter Chung Myung-yi.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]