Kwon Oh-gap "Complex Crisis Realized... Must Be Able to Reconsider Management Strategy"

Hyundai Heavy Industries Group Calls Executive Meeting After 3 Months
"Must Lead Crisis Overcoming with Thorough Countermeasures"

Kwon Oh-gap, Chairman of Hyundai Heavy Industries Group

[Asia Economy Reporter Oh Hyung-gil] Kwon Oh-gap, Chairman of Hyundai Heavy Industries Group, instructed the presidents of affiliated companies to frequently review management strategies and reconsider them if necessary.

On the 20th, Hyundai Heavy Industries Group convened a full meeting of presidents from major group affiliates including shipbuilding & marine, energy, construction machinery, and electric sectors, chaired by Chairman Kwon. This came three months after he warned of the crisis in the changing business environment in April and ordered each company to prepare countermeasures.

Attendees included Chairman Kwon, President Jeong Ki-sun, Vice Chairman Ga Sam-hyun of Korea Shipbuilding & Offshore Engineering, Vice Chairman Han Young-seok and President Lee Sang-gyun of Hyundai Heavy Industries, President Shin Hyun-dae of Hyundai Mipo Dockyard, Vice President Kim Hyung-kwan of Hyundai Samho Heavy Industries, Vice Chairman Kang Dal-ho and President Joo Young-min of Hyundai Oilbank, Vice Chairman Son Dong-yeon and President Jo Young-chul of Hyundai Genuine, Vice President Oh Seung-hyun of Hyundai Doosan Infracore, Vice President Choi Cheol-gon of Hyundai Construction Equipment, and President Jo Seok of Hyundai Electric, representing 10 companies.

During the presidents' meeting, a comprehensive review of the group’s management situation was conducted in light of the rapidly deteriorating business environment, and discussions were held on consolidating the capabilities of all group companies to overcome the challenges. Risks posed by global inflation, interest rate hikes, the prolonged Russia-Ukraine war, and the resurgence of COVID-19 were shared along with scenario-based response strategies for each business.

Additionally, discussions were held on the operation plan for the group’s Research & Development (R&D) center in Pangyo, Gyeonggi Province, scheduled to open in November, as well as on talent acquisition, technology investment, and the group’s mid- to long-term vision.

Chairman Kwon stated, "A complex crisis has materialized with overlapping internal and external adverse factors, not just a single variable. Each company must frequently check their management strategies and be able to fully reconsider them if necessary."

He continued, "Companies that leap forward amid such crises are truly capable enterprises. The representatives of each company should not be overly intimidated by the immediate perfect storm but become the vanguard of overcoming the crisis based on thorough countermeasures."

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