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Emergency meeting held on the 14th and designated
Business reorganization and group innovation Comando Jindu
President Chung Mong-koo, Honorary President
Hyundai Motor Group Executive Vice President Eui-sun Eui-sun (pictured) will take over as Group President. His goal is to lead Hyundai Motor Group change and innovation from the front and take responsibility for the overall management of the group. Another analysis is that it is a decision to actively respond to the rapid changes in the global automotive industry and the new coronavirus infection crisis (Corona 19).
According to the business community on the 13th, Hyundai Motor Company is scheduled to hold an emergency board meeting on the 14th and appoint Senior Vice President Chung as the new group president. Following the board of directors, Senior Vice President Jung is known for briefing the group’s affiliates and employees on the president’s inauguration and directly explaining the vision and future plans. President Chung Mong-koo is retiring from the front line as honorary president.
Inside and outside of Hyundai Motor Group, there are observations that the speed of business restructuring and improvement of corporate culture will accelerate with the inauguration of Senior Vice President Chung as president. Senior Vice President Chung was in charge of management with promotions in September 2018. In particular, while concentrating on the development of green vehicles such as electric vehicles and hydrogen electric vehicles, large-scale investments were made to secure the technology. autonomous driving and a major business strategy was changed. He also drastically changed corporate culture by attempting drastic changes like liberalizing clothing. He actively recruited outside staff and energetically collaborated with other companies, which had been taboo for a while.
“Hyundai Motor Group has become the fastest-changing conglomerate in Korea since Senior Vice President Chung headed the group’s management,” said a trade official. He said.
Some also argue that the new Chairman Chung will play a role in representing the business world. Until now, he has been cautious when appearing in public seats, but this is the reason why he will make several voices since he is the president of the group.
There are also observations that Hyundai Motor Group will resume its governance reform work.
Hyundai Motor’s advanced system ‘president Eui-seon Chung’ The number of victories in the market turmoil.
Hyundai Motor Group opens the era of ‘President Eui-sun Chung’ (photo). It is a generation replacement in 20 years after the launch of Hyundai Motor Group in 2000. President Chung Mong-koo, who turned a small car company on the periphery into one of the world’s top five automakers, is retiring from the first line of administration.
The new President Eui-sun Eui took on the task of re-elevating Hyundai Motor Group as a leading company in the future age of mobility. In the business world, it is observed that Hyundai Motor Group will attempt a major change with the inauguration of President Eui-sun Eui-sun.
According to the business community on the 13th, the plan to appoint Senior Vice President Eui-sun Eui-sun as group chairman suddenly emerged. Senior Vice President Chung has been in charge of the administration since 2018, and in March this year, he served as Chairman of the Board of Directors of Hyundai Motor Company. However, when an unexpected crisis such as the spread of the new coronavirus infection (Corona 19) occurred, opinions were raised from various fields that a generational change was necessary.
A trade official said: “There were many concerns that in a situation where the global auto industry is changing rapidly, we will not be able to adequately respond to changes unless Senior Vice President Chung comes to the fore.” It is said that there was a decision that stronger leadership was needed when the global car market froze due to the Corona 19 crisis and the factory operation was stopped once.
In the industry, it is observed that the business areas of the group’s main subsidiaries will change dramatically when Senior Vice President Chung takes over as Group President. Senior Vice President Chung also stated at a city hall meeting with an employee at the headquarters in Yangjae-dong, Seoul in October last year: “We must become a smart mobility services company, not just a car manufacturing company. “. It means being reborn as a company that provides services that cover the means of transport in general in the future.
Senior Vice President Chung announced that he would enter the Urban Aviation Mobility (UAM) business at ‘CES 2020’ held in Las Vegas earlier this year. I’m going to. “Electric vehicles, hydrogen electric vehicles, and autonomous vehicles are also Senior Vice President Chung’s areas of interest. There are also observations that some business areas will be closed.
Work to improve corporate culture is also expected to accelerate. Over the past two years, Vice President Chung has made several changes, including liberalizing clothing, streamlining the lines, improving the culture of face-to-face reporting, and frequent hiring and monitoring of staff. In the business world, it was said that “Hyundai Motor Group, whose corporate culture is conservative, has changed most rapidly in the past two years.”
The transfusion of external talent and strategic collaboration with global companies is also expected to increase. In March, Hyundai Motor Company is expanding cooperation with other companies by investing $ 2 billion (about 2.4 trillion won) each with Aptiv, one of the world’s top three autonomous driving software companies, to establish a joint venture Moal. This year, we met with the heads of the four major groups, including Samsung Electronics Vice President Lee Jae-yong, SK President Choi Tae-won, and LG President Koo Kwang-mo, to discuss future car batteries.
There are also observations that with the promotion of Senior Vice President Chung, the reorganization of the governance structure, which was halted in 2018, may resume. There is also a saying that there will be a full-scale presidential change by the end of the year. Senior Vice President Chung is scheduled to hold an online inauguration ceremony on the 14th and directly explain the vision to group employees.
Reporter Do Byeong-wook / Lee Sun-ah [email protected]
