Hyundai Motor Group to Announce Executive Promotions as Early as Tomorrow... Chairman Chung Euisun's Generation Change Begins in Earnest

[Asia Economy Reporter Su-yeon Woo] Hyundai Motor Group is expected to carry out executive personnel changes for vice chairmen and presidents as early as tomorrow (the 15th). Vice Chairmen Kim Yong-hwan and Jung Jin-haeng, who assisted Honorary Chairman Chung Mong-koo, are stepping down, and promotions of President Lee Won-hee and Vice President Jang Jae-hoon, who have worked closely with Chairman Chung Eui-sun, are being discussed.

According to industry sources on the 14th, Hyundai Motor Group is expected to implement executive personnel changes as early as the 15th. This will be the first executive reshuffle since Chairman Chung's inauguration, and a large-scale generational change is anticipated.

Within the industry, there is a high possibility that Vice Chairman Kim Yong-hwan of Hyundai Steel and Vice Chairman Jung Jin-haeng of Hyundai Construction will step down in this reshuffle. If such changes occur, two out of the four vice chairmen of Hyundai Motor Group will be replaced. Vice Chairman Yoon Yeo-cheol, who successfully led this year's wage and collective bargaining negotiations at Hyundai Motor, and Vice Chairman Chung Tae-young, a member of the owner family, are expected to retain their titles.

Chung Euisun, Senior Vice Chairman of Hyundai Motor Group, was appointed as chairman on the 14th, marking the full-scale launch of the third-generation management system of Hyundai Motor Group. Hyundai Motor Group, including Hyundai Motor and Hyundai Mobis, held an extraordinary board meeting that morning and approved the appointment of the new chairman, Chung. Accordingly, Chairman Chung became the undisputed head of the group just 2 years and 1 month after his promotion to Senior Vice Chairman of the group in September 2018, and 7 months after becoming the chairman of Hyundai Motor's board in March this year. The photo shows the Hyundai Motor Group headquarters in Seocho-gu, Seoul on that day. Photo by Kim Hyunmin kimhyun81@

Earlier, at the end of 2018 when Chung Eui-sun was promoted to Senior Vice Chairman, he announced a vice chairman personnel reshuffle that reassigned vice chairmen who had led Hyundai Motor alongside Chairman Chung Mong-koo to affiliates, marking a generational change. After Vice Chairman Woo Yoo-cheol of Hyundai Rotem retired at the end of last year, it is expected that Vice Chairmen Kim Yong-hwan and Jung Jin-haeng will step down from frontline management in this reshuffle.

The vacancies in the vice chairman group are expected to be filled by new figures who will lead Hyundai Motor Group's innovation. Inside the group, the promotion of CEO Lee Won-hee to vice chairman is strongly discussed, and Vice President Jang Jae-hoon, who has been in charge of the Management Support Headquarters and Domestic Business Headquarters, is also reportedly a candidate for promotion.

In addition, a large-scale generational change is expected among the presidents of Hyundai Motor Group affiliates such as Hyundai Mobis, Hyundai Construction, and Hyundai Wia. The replacement of Hyundai Construction President Park Dong-wook, who was leading the Global Business Center (GBC) project, and Hyundai Wia President Kim Kyung-bae is also being discussed.

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