Hyundai Chief Officially Named Chairman
14 October, 2020
Hyundai chief Chung Eui-sun has been named chairman of the automotive conglomerate to displace his 82-year-old father. The group's board made the appointment official in a gathering on Wednesday.
So far his title was vice-chairman, although he previously bought out the running from Chung Mong-koo in 2018. Chung senior stepped down in February after 20 years at the helm and can become honorary chairman, as is customary in family-run conglomerates.
Chung Eui-sung has had among the longest apprenticeships among the scions of the chaebol, who tend to be helicoptered into executive position before they are able to tie their own shoelaces.
He started working for Hyundai Precision Industries in 1994, prior to the car parts maker changed its name to Hyundai Mobis. He became president of Kia in 2005, when the subsidiary was struggling financially and overcame the crisis with design innovations.
He became vice-chairman of Hyundai in 2009 2009 as markets around the world were reeling from the global financial meltdown and successfully offered a buyback program in the U.S. for customers who lost their jobs within a year of buying an automobile, catapulting the group to 1 of the world's top five players.
One industry insider said, "Hyundai includes a new leader at the same time of major change in the auto industry where combustion engines are being replaced by eco-friendly, self-driving cars."
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