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Hyundai heir Chung Euisun set to become group chairman

Hyundai Motor Group Executive Vice Chairman Chung Euisun (Yonhap)
Hyundai Motor Group Executive Vice Chairman Chung Euisun (Yonhap)
Hyundai Motor Group Executive Vice Chairman Chung Euisun is set to take the helm of the nation’s largest automaker through the group’s emergency board meeting on Wednesday morning, according to industry sources on Tuesday.

This promotion is interpreted as reflecting growing concerns that a chairman should lead the group and has responsible management as the automobile industry has been suffering from the recent coronavirus.

His father Chung Mong-koo, 82, who was hospitalized in July due to illness, has not made an official appearance since 2016. He is expected to step down as honorary chairman when Euisun takes the chairmanship.

Chung Euisun was promoted to executive vice chairman in September 2018. Since March when he took over as chairman of Hyundai Motor’s board of directors from his father, he has effectively served as the de-facto head of the group.

The heir is known to have successfully enhanced the automaker’s brand image by launching Genesis, a luxury brand in the 2010s. Under his leadership, the automaker has grown into the world's fourth-largest electric vehicle brand as of the first half of this year.

By Shin Ji-hye (shinjh@heraldcorp.com)
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