Hyundai Motor Group Chairman Chung Mong-koo promoted his son Chung Eui-sun to executive vice chairman, a new position created to assist his father, the company said Friday.
The heir to the world’s fifth-largest carmaker has worked as the vice chairman of Hyundai Motor Corp. so far. The promotion will give him authority to oversee the entire operation of the Hyundai Motor Group, of which Hyundai Motor Corp., is a part.
Hyundai Motor Group Executive Vice Chairman Chung Eui-sun (Yonhap)
According to the company's statement, the decision was made by the chairman himself to strengthen the group’s capability to survive in a deteriorating business environment worsened by trade disputes and fierce global competition.
Having Chung Eui-sun directly assist the chairman is intended to bolster the group’s competitiveness in the era of the “fourth industrial revolution” and to secure new growth engines, the company said.
The decision, however, is not about the chairman passing the baton to his son, though it can be seen as part of “such a process,” the company said.
Chung first joined the precursor to Hyundai Mobis in 1994. He left to further his studies in the US after just a year, and after he received his degree, worked for two years at the New York branch of Japanese trading firm Itochu before returning to Korea.
In 1999, he was named purchasing head for Hyundai Motor, then went onto hold a number key positions, such as head of planning and strategies and domestic sales.
From 2005 to 2009, Chung Eui-sun was the head of Kia Motors. Since 2009, he has been vice chairman of planning and sales for Hyundai Motor.
By Cho Chung-un (email@example.com)