South Korea’s Hyundai Motor Group appointed Chung Eui-sun, vice chairman of Hyundai Motor Co. as chief vice chairman of the group to assume a greater role of overseeing the country’s second-largest conglomerate’s entire operation.
Chung, 47, will assist his father and group chairman Chung Mong-koo, who promoted younger Chung to better respond to "deteriorating global trade issues and changes in competitive dynamics in major markets" Hyundai Motor Group said in a statement on Friday.
The appointment is also a part of an effort “to improve future competitiveness and secure future growth engines” at a time when the auto industry is undergoing major changes amid the fourth industrial revolution, the group said in a statement. The new executive vice chairman will oversee the group’s entire operation, aiding and reporting to the 80-year-old chairman.
The promotion comes nine years after younger Chung became the vice chairman of the conglomerate’s key automaking unit Hyundai Motor. With this appointment, he will be leading the group’s all units ranging from auto and auto parts making to steel making, construction, and financial services.
Younger Chung is expected to make his first official public appearance as the new chief vice chairman when he accompanies South Korean President Moon Jae-in during his visit to Pyongyang for the third inter-Korean summit from Sept. 18 to 20 along with other heads of the country’s top conglomerates.
By Lee Seung-hoon and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]