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On the 14th, the board of directors of Hyundai Motor Company will be held and the appointment of the president will be decided.
Group change is expected to accelerate even faster
Hyundai Motor Group Senior Vice President Eui-sun Eui-sun becomes Group President. It is to lead the change and innovation of Hyundai Motor Group and take responsibility for the performance and performance of each subsidiary. Some analyzes say that it is a decision to respond more actively to the global automotive industry that changes day by day.
According to the business community on the 13th, Hyundai Motor Company plans to hold a board of directors on the 14th and appoint Chung as the new president of the group. Senior Vice President Chung has been in charge of the group’s management since he was promoted to Senior Vice President in September 2018. Although the scope of work will remain at a similar level even if Senior Vice President Chung becomes the Group President, There are observations that the pace of improvement in the group constitution and the restructuring of the business structure will accelerate. Senior Vice President Chung has repeatedly emphasized the importance of the future automobile market, represented by green and autonomous vehicles. Regarding corporate culture, Jung’s view is that “it should change more as an IT company than as an information technology (IT) company.”
A trade official said: “Hyundai Motor Group has become the fastest-changing conglomerate in Korea since Senior Vice President Chung took over the leadership in managing the group.” Automotive industry experts are speculating that if Hyundai Motor Group Senior Vice President Eui-sun Eui-seon takes over as Group President, the business areas of the group’s main affiliates will change dramatically. Senior Vice President Chung stated at a city council meeting with an employee at Yangjae headquarters in Seoul last October: “We must become a smart mobility services company, not just an automobile manufacturer.” It means that in the future it will be reborn as a company that provides services that cover all means of transport.
Earlier this year, the US CES 2020 announced that it will enter the UAM business. Senior Vice President Jeong also told the town hall meeting: “Hyundai Motor’s business share will be 50% automobiles, 30% UAM and 20% robotics.” Electric vehicles, hydrogen electric vehicles and autonomous vehicles are also senior vice president Chung’s areas of interest.
Work to improve corporate culture is also expected to accelerate. Over the past two years, Vice President Chung has made several changes, including autonomy of clothing, simplifying ranks, improving the culture of face-to-face reporting, occasional hiring, and staffing. 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 frequency of external talent transfusion and collaboration with global companies is also expected to increase. Senior Vice President Chung is a national and international talent that includes Albert Beerman, Head of Research and Development (President), José Munos, Director of Global Operations (COO), Ji Young-Jo (President) of Samsung and Shin Jae-won (Vice President) of the Business Department of NASA’s UAM. He recruited them directly. In March, it will expand collaboration 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.
Born in 1970, Senior Vice President Jung began his career as a manager at Hyundai Precision Industries (now Hyundai Mobis) in 1994. The following year, he went to study abroad, earning a Master of Business Administration (MBA) from the University of San Francisco, USA, and rejoined the Hyundai Motor Company in 1999. In 2005, he served as CEO of Kia Motors, after serving as Vice President of Sales at the National Sales Headquarters and Vice President of Planning Headquarters at Hyundai-Kia Motors. It is assessed that it drastically changed the design of Kia Motors and led the box office of the ‘K Series’. In 2009, he was promoted to vice president of planning and sales at Hyundai Motors, and in 2018 he was named senior vice president of the group. Since this year, he has served as a representative of the group, assuming the position of chairman of the board of directors of Hyundai Motors, the group’s largest subsidiary.
Reporter Do Byeong-wook [email protected]
