Hyundai Motor Group Appoints New CEOs for 4 Affiliates...Massive Promotions of Future Car Executives (Comprehensive)

[Asia Economy Reporters Susan Woo and Jihee Kim] The key theme of the executive reshuffle carried out by Hyundai Motor Group on the 15th was 'Leadership Change for the Future.' The promotion of executives in new future car business sectors such as Urban Air Mobility (UAM), hydrogen fuel cells, and electric vehicles stood out. Half of the group’s vice chairmen stepped down, and a large number of Chairman Chung Eui-sun’s close aides were promoted, resulting in the appointment of many key figures who will lead the 'Chung Eui-sun Chairman System (ES System)'.

About 30% of the newly promoted executives were appointed to future car-related new business, new technology, and research and development (R&D) divisions. The promotion of young talents in their 40s recognized for their performance and potential, as well as five female executives, also drew attention. A Hyundai Motor Group official explained the background of this reshuffle, saying, "It was decided to strengthen the group’s future business and new technology capabilities through the selection of leaders who combine expertise and leadership, and to accelerate innovation in an open organizational culture."

◆Key Figures Leading the ES System Positioned at the Forefront= Since this is the first reshuffle after Chairman Chung’s inauguration, it was filled with figures who understand and will lead his vision together. First, Vice Chairman Jang Jae-hoon, who led organizational culture innovation, was appointed as President and CEO. President Jang concurrently served as head of the Domestic Business Division, Genesis Division, and Management Support Division. Despite the impact of the COVID-19 pandemic this year, the Domestic Business Division achieved remarkable growth, and at the same time, President Jang was recognized for successfully implementing organizational culture innovations such as relaxed dress codes, flexible working hours, and town hall meetings, which is believed to have led to his appointment as co-CEO. Another Hyundai Motor CEO, President Lee Won-hee, will focus on supporting the competitiveness of future automobile business by optimizing global operations, innovating the value chain including electrification and smart factories, and strengthening synergies in technology development.

There was also a large-scale replacement of subsidiary CEOs. Newly appointed CEO Cho Sung-hwan of Hyundai Mobis is expected to strengthen Hyundai Mobis’s future new technologies, new businesses, and competitiveness based on his experience and expertise as Vice President of Hyundai-Kia R&D Headquarters. Newly appointed CEO Yoon Young-joon of Hyundai Construction was promoted due to his achievements in upgrading the housing business brand and major large-scale contract projects. Newly appointed CEO Jung Jae-wook of Hyundai Wia is a parts development expert with over 30 years of experience in Hyundai Motor, Kia Motors, and Hyundai Mobis parts development divisions, and will lead the restructuring of Hyundai Wia’s business portfolio and enhancement of competitiveness, including core electrification components.

(Photo from left) Jang Jae-hoon, President and CEO of Hyundai Motor Company; Cho Sung-hwan, President of Hyundai Mobis; Yoon Young-joon, President of Hyundai Construction; Jung Jae-wook, President of Hyundai Wia / Photo by Hyundai Motor Group

◆Executives’ Advancement in Future Car Fields such as UAM, Autonomous Driving, and Hydrogen Fuel Cells= Hyundai Motor emphasized new business expansion by appointing many young talents to lead the future car sector in this reshuffle. Vice President Shin Jae-won, who oversees the UAM business, was promoted to President, and Executive Director Kim Se-hoon, who oversees hydrogen fuel cell development, was promoted to Vice President.

President Shin, a former NASA engineer, was personally recruited by Chairman Chung, who was planning to expand the UAM business. By empowering President Shin to realize Hyundai Motor Group’s goal of commercializing UAM by 2028, it is expected that the concretization of the future mobility vision will accelerate. Kim Se-hoon, Executive Director and head of the Fuel Cell Business Division, who oversees the hydrogen fuel business, one of Hyundai Motor Group’s three major business structures, was also promoted to Vice President.

Additionally, Executive Director Lee Kyu-oh, who developed the dedicated electric vehicle platform E-GMP for Hyundai-Kia Motors, was included in the list of promotions to Vice President. In the robotics field, where Hyundai Motor Group recently made a large-scale global acquisition, Lab Head Hyun Dong-jin was newly appointed as an executive, securing leadership for future car development.

Executives in their early to mid-40s recognized for high performance and potential were also promoted. Shin Sung-woo, head of Hyundai-Kia Motors CVC team; Yoon Gu-won, head of Hyundai Motor Management Analysis team; Kim Taek-gyun, head of Kia Motors Exterior Design office; Lee Sang-bong, head of Hyundai Capital Data Science office; and Lee Hyung-min, head of Hyundai Construction Domestic Legal Affairs, were promoted to managing directors.

(Photo from left) Jaewon Shin, President of Hyundai Motor UAM Division; Sehoon Kim, Vice President and Head of Fuel Cell Business Division; Kyuoh Lee, Vice President in charge of Product Integrated Development at Hyundai-Kia Motors / Photo by Hyundai Motor Group

◆'Era of MK' Old Boys Step Down= Meanwhile, with two of the four group vice chairmen, who were called the old boys of Hyundai Motor Group, stepping down, a full-scale generational change took place. Honorary Chairman Chung Mong-koo and Vice Chairmen Kim Yong-hwan of Hyundai Steel and Jung Jin-haeng of Hyundai Construction, who had led Hyundai Motor together since the early 2000s, stepped down from frontline management. Vice Chairman Kim, known as 'MK’s man,' was a close aide of Honorary Chairman Chung, having served as Vice Chairman in charge of Hyundai Motor’s Planning and Coordination Office and Secretariat. Vice Chairman Jung Jin-haeng, who served as Hyundai Motor’s head of strategic planning, recently led the establishment of the Global Business Center (GBC), a long-cherished project of Honorary Chairman Chung.

Earlier, when Chairman Chung was appointed as Chief Vice Chairman in 2018, he moved or appointed as advisors the vice chairmen who had closely assisted Honorary Chairman Chung. Vice Chairman Woo Yoo-chul of Hyundai Rotem retired last year, and with Vice Chairmen Kim Yong-hwan and Jung Jin-haeng stepping down in this reshuffle, the only remaining figure from the MK era is Vice Chairman Yoon Yeo-chul, head of labor affairs at Hyundai Motor. Owner family member Vice Chairman Chung Tae-young also remains in office.

This content was produced with the assistance of AI translation services.