From Hyundai Heavy Industries Holdings to HD Hyundai... Solidifying the 'Jung Ki-sun Regime'

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Hyundai Heavy Industries Holdings Co., Ltd. appointed President Chung Ki-sun as an inside director and changed its company name to 'HD Hyundai' on the 28th.

Hyundai Heavy Industries Holdings held its regular general meeting of shareholders on the morning of the same day at the Hyundai Building in Gyedong, Jongno-gu, Seoul, and approved the agenda.

Born in 1982, President Chung is the grandson of the late Chung Ju-yung, Honorary Chairman of Hyundai Group, and the eldest son of Chung Mong-joon, Chairman of the Asan Foundation. Korea Shipbuilding & Offshore Engineering, the intermediate holding company for the shipbuilding division of Hyundai Heavy Industries Group, also appointed President Chung Ki-sun as an inside director at its regular general meeting held on the 22nd, making him responsible for both the holding company and the intermediate holding company.

The agenda for the company name change was also approved. The company explained that it "contains the meaning of realizing humanity's dreams (Human Dreams) through the dynamic energy of humans (Human Dynamics)."

Additionally, Hyundai Heavy Industries Holdings announced that to enhance corporate value, it will support new business areas of its subsidiaries in four major future business sectors: future ships, hydrogen fuel cells, digital, and healthcare, as well as clean hydrogen and white bio.

Furthermore, it announced shareholder return policies to increase shareholder value, including maintaining a high dividend payout ratio of over 70%, and considering the repurchase and cancellation of treasury shares. Regarding its subsidiary Hyundai Samho Heavy Industries, which is pursuing an initial public offering (IPO), the company stated it will prepare plans to enhance shareholder value in accordance with amendments or regulations related to simultaneous listing of the holding company and subsidiaries.

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