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Proof of management skills as senior vice president for 2 years … Lead organizational renewal
Robotics and UAM are also at the speed of the cars of the future, such as autonomous and ecological driving.
“CEO prepared … to lead the best mobility company in the world”
Hyundai Motor Group President Eui-sun Eui-sun Announces’ Future Mobility Collaborative Ecosystem Strategy ‘vs.’ Ioniq 5 ‘Electric Vehicle Concept Car at’ National Vision Statement Ceremony for the Automotive Industry of the Future ‘held at the Hyundai-Kia Motors Namyang Research Center in Hwaseong-si, Gyeonggi-do last October. . / Hankyung DB
Inauguration of the President of Hyundai Motor Group, Eui-sun Eui-sun… “The dream of free movement will come true”
Hyundai Motor Group Executive Vice President Eui-sun Eui-sun took over as Group Chairman on the 14th. Chairman Chung Mong-koo was elected Honorary Chairman. It’s a generational change after 20 years since Hyundai Motor Group was established in 2000.
Hyundai Motor Company, Kia Motors and Hyundai Mobis held temporary board meetings one after another and reported on the agenda for the appointment of Chairman Chung. In his inaugural address, President Chung introduced the “progress for humanity” management philosophy, saying: “Let us realize humanity’s dream of safe and free movement and peaceful life together.” The title of the opening speech was ‘The beginning of a new chapter’. A senior group official explained: “It contains the will to create a Hyundai Motor Group that is different from the business area to the corporate culture.”
In his opening speech, President Chung declared that he would use electric vehicles, autonomous driving technology, hydrogen fuel cells, and urban aviation mobility (UAM) as food for the future. Honorary President Chung, who has elevated Hyundai Motor Group as one of the world’s top five automobile companies, said: “President Chung asked us to overcome the severe economic crisis and lead future innovations,” said Hyundai Motor Company.
Replacing the head of Hyundai Motor Group in 20 years… Inauguration of President Eui-sun Eui-sun
On the 14th, the head of Hyundai Motor Group changed his son, Eui-sun Eui-sun, from Honorary Chairman Chung Mong-koo. Given that Chairman Chung has been in charge of management as the group’s senior vice president since 2018, it was a generational shift that would happen one day, but the timing was assessed to be earlier than expected in the economy. It is interpreted as a dimension to quickly overcome the crisis caused by the spread of the new coronavirus infection (Corona 19) and to firmly lay the foundations for future growth.
More like an IT company than an IT company
President Chung said, “We will implement an environmentally friendly means of transportation that everyone can use safely.” Going forward, there are observations that Hyundai Motor Group will accelerate its transformation into a “smart mobility solutions company”.
The direction of Hyundai Motor Group in the ‘Line of the Justice Era’ can be glimpsed through the progress of the last two years. First of all, the business area is expected to change dramatically. There are also observations that it will make massive investments to target the future mobility market, which is growing by the day.
In his keynote speech, President Chung declared that he would use electric vehicles, autonomous driving technology, hydrogen fuel cells, urban aviation mobility (UAM), robotics and smart cities as the food of the future. President Chung told a city council meeting last year: “In the future, our sales will be 50% of our sales, the remaining 30% will be personal vehicles, and 20% will be robotics.”
Results are also coming out. Hyundai Motor Company managed to export the world’s first hydrogen electric truck in July. Hyundai Motor Company and Kia Motors will launch next-generation electric vehicles with a dedicated platform (e-GMP) early next year. In 2023, level 4 of fully autonomous driving technology is planned to be commercialized.
The corporate culture is also expected to change rapidly. The first letter he produced after President Chung was promoted to vice president was “Renewal Greetings.” The CEO of the mid to late 1950s came to the fore, and outside talent was recruited to break the thoroughbred. The organizational culture that had been criticized for being ‘military culture’ was also reworked. The employee designation system was reduced from 5 to 2, allowing horizontal communication.
It has also introduced a personal dress system and an occasional hiring system. President Chung said in his opening speech that day: “We will create a creative work environment and create an organizational culture that values communication and autonomy.”
Slow recovery of China, task of reducing union risks
There are also many tasks that President Chung must solve. We must overcome the crisis of the crown 19 right now. Operating earnings for Hyundai and Kia fell 29.5% and 47.7% year-on-year, respectively. The real recovery of the Chinese market is urgent. The Kona EV electric vehicle fire and the completion of the Global Business Center (GBC) in Samsung-dong, Seoul, are also issues that should concern President Chung. Restructuring the governance structure is also a task.
It is also important to correct labor-managerial relations. In a statement that day, the Hyundai Motors union said, “I congratulate the new president on the new era” and said: “I want a three-way meeting between President Chung, the CEO and the president of the union.”
In business and politics, President Chung is assessed as the right person to overcome the Hyundai Motor Group crisis. “President Chung is the most prepared CEO in the field of automobiles and mobility of the future,” said Hwang Sung-taek, president of Truststone Asset Management. It is explained that President Chung’s judgment was also the key to the fact that Hyundai Motor Group was able to launch electric vehicles and hydrogen electric vehicles in an immediate response to market changes.
A senior passport official said: “When Hyundai Motor Company was attacked by Elliott Management, Chairman Chung was able to win by having foreign shareholders,” he said. “Unlike the chief of the chaebol, the humble character is highly appreciated.”
Reporter Ilkyu Kim / Sunah Lee / Byeongwook Do [email protected]
