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According to the business community on the 13th, Hyundai Motor Company will hold an extraordinary meeting of the board on the morning of the 14th and will decide on the promotion of senior vice president Eui-sun Eui-sun to president. He has been promoted in two years after being promoted to senior vice president in October 2018. The last two years have been the period of preparation for promotion to president. It is also a generational change in the 20 years after President Chung Mong-koo.
The promotion of Senior Vice President Chung is interpreted as a move to strengthen responsible management amid the long-term hospitalization of Hyundai Motor Group President Chung Mong-koo and the Corona 19 crisis. During the last two years, it is estimated that there will be no great difficulties to lead Hyundai Motor Group.
Senior Vice President Chung was born on October 18, 1970. After graduating from Whimoon High School and Korea University Business Administration, he joined Hyundai Precision Industries (now Hyundai Mobis) in 1994 and began taking management classes. In 1999, he was in charge of the purchasing division of Hyundai Motors, and in 2002 he became the first CEO of Hyundai Mobis. In 2003, Kia Motors, Hyundai Motor Company in 2010 and Hyundai Steel in 2012, expanding their influence within the group. In particular, he was promoted to vice president of Hyundai Motors in 2010 and began to be called the next general manager.
When he was promoted to senior vice president in 2018, he moved to the forefront of management and, at last year’s general meeting of shareholders, he was named CEO of Hyundai Motor Company and Hyundai Mobis. In March, he also served as Chairman of the Board of Directors of Hyundai Motor Company and announced that the ‘Jeui-Seon System’ was imminent.
It was the job of leading design management as president of Kia Motors, who made a large-scale demonstration of his skills as a manager. After taking over as president of Kia Motors in 2005, Senior Vice President Chung recruited Audi-born global car designer Peter Schreier. Since then, he has raised the competitiveness of Hyundai-Kia Motors by sequentially recruiting talent from the global automotive industry.
Along with Senior Vice President Chung’s promotion to the presidency, Hyundai Motor Group’s future mobility business is expected to further accelerate. Senior Vice President Chung is expanding related businesses by establishing the ‘Urban Aviation Mobility Division (UAM)’ with the aim of becoming a leading company in the mobility field of the future. In addition, Hyundai-Kia Motors is expected to further accelerate the expansion of the green vehicle market, such as electric vehicles and hydrogen electric vehicles, which is emphasized by Senior Vice President Chung.
President Chung Mong-koo, who led Hyundai Motor Group for 20 years and created a growth myth unprecedented in the history of global automakers, has stepped down from the front line of management. Chairman Chung took over as CEO and Chairman of Hyundai-Kia Motors in 1999 and, the following year, separated the automobile-related subsidiaries of the Hyundai Group to establish the Hyundai Motor Group. Since then, it has become one of the top five car groups in the world with “quality management”.
With the promotion to Chairman of Senior Vice President Chung, the pending task for Hyundai Motor Group is the succession of shares held by Chairman Chung Mong-koo. Accordingly, the corporate governance reform of Hyundai Motor Group is expected to resume with the promotion of Senior Vice President Chung.
Reporter Kang Gil-hong [email protected]
