Hyundai Motor heir apparent climbs ladder

Home > Business > Industry

print dictionary print

Hyundai Motor heir apparent climbs ladder

테스트

Chung Eui-sun

Chung Eui-sun, heir apparent of Korea’s second largest conglomerate, Hyundai Motor Group, got a promotion Friday from vice chairman of Hyundai Motor to executive vice chairman of the group.

It was his first promotion in nine years. In 2009, Chung was promoted from president of Kia Motors to Hyundai Motor vice chairman.

In his new post, Chung will assist his father, Chung Mong-koo, the group chairman, in the overall management of more than 50 affiliates that range from automaking to steel, construction and finance.

For the last nine years, Chung had only concentrated on Hyundai Motor.

“The latest promotion was a decision made by Chairman Chung Mong-koo,” said the automaker in a written statement Friday.

“It will fortify the group’s comprehensive capability to react to a rapidly changing business environment caused by deteriorating global trade and changes in competitive dynamics in major markets,” the statement added.

With Chung Eui-sun given greater rein, the group expects the 48-year-old to look for new growth engines and enhance competitiveness throughout the company in the face of the so-called fourth industrial revolution.

In fact, Chung has been active in future areas of the car industry, signing partnerships with start-ups from all over the world and recruiting talent from global carmakers. On Friday, before the promotion announcement, Hyundai Motor hired a former Volkswagen brand marketing expert, Cornelia Schneider, to take charge of Hyundai Motor’s brand experience centers around the world and direct exhibitions held in them.

The promotion also sparked speculation that the younger Chung may be in the process of expanding his control over the company because the older Chung, who is 80, has made few public appearance in recent years.

The company, however, denied that speculation, emphasizing that it was the father who gave him the unprecedented promotion. Of the seven vice chairmen in the group, Chung Eui-sun is the only one so far to have received such a new position.


BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]

More in Industry

Robofork

Big business recoils at new legal legislation

Hyundai Mobis has developed a hydrogen-powered forklift

Asiana adapts passenger plane to carry more cargo

Eastar Jet CEO threatens to sue pilot union for libel

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now