Hyundai Motor Group Opens Era of Chairman Chung Eui-sun

Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group

[Asia Economy Reporter Woo Su-yeon] Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, will be promoted to Chairman. Chung Mong-koo, who has led Hyundai Motor Group for the past 20 years, will step down from the frontline to become Honorary Chairman, marking the beginning of the full-fledged 'Chung Eui-sun Chairman' era for Hyundai Motor Group.

According to the business community on the 13th, Hyundai Motor Group is expected to hold an emergency video board meeting on the 14th to propose the agenda of promoting Executive Vice Chairman Chung Eui-sun to Chairman. If the agenda is finally approved at the board meeting, he is expected to assume the chairman position.

Since being promoted to Group Executive Vice Chairman in 2018, Chung has effectively overseen overall management. In March, he solidified his position as the top leader of the group by inheriting the chairmanship of Hyundai Motor’s board of directors, previously held by Chung Mong-koo.

This promotion is interpreted as a measure reflecting the intention that the group’s head must lead and take responsibility for management amid the overall difficulties faced by the industry due to the recent COVID-19 pandemic. Furthermore, with the full-scale start of the Chung Eui-sun chairman era, it is expected that the transition to a mobility service company, which he has focused on, will accelerate significantly.

Meanwhile, Chung Mong-koo, who was hospitalized in July due to illness, is reported to be recovering recently. At the age of 82, he has not appeared in official events since 2016, and it is known that he will step down to the honorary chairman position once Executive Vice Chairman Chung assumes the chairman role.

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