[Asia Economy Reporters Su-yeon Woo and Ji-hee Kim] Chung Eui-sun, Vice Chairman of Hyundai Motor Group, will ascend to the position of Chairman of Hyundai Motor Group. Hyundai Motor Group is preparing to officially usher in the "Chung Eui-sun Era," marking the start of third-generation management and leaving behind the "Chung Mong-koo Era" that lasted for the past 20 years.
According to business circles on the 13th, Hyundai Motor Group is expected to hold an emergency video board meeting on the 14th to propose the agenda of promoting Vice Chairman Chung to Chairman. If the agenda is finally approved at the board meeting, it is anticipated that he will become Chairman 21 years after joining the group in 1999 as the head of Hyundai Motor's Purchasing Office.
Vice Chairman Chung's promotion was a planned step. Since his promotion to Group Chief Vice Chairman in 2018, he has effectively overseen overall management, and in March, he succeeded Chairman Chung Mong-koo as Chairman of Hyundai Motor's Board of Directors, solidifying his position as the group's top leader.
Furthermore, this promotion is interpreted as a measure reflecting the intention that the head of the group must lead and take responsibility for management amid the overall industrial difficulties caused by the recent COVID-19 pandemic. With the full-scale start of the "Chung Eui-sun Chairman" era, the transition to a mobility service company, which he has focused on, is expected to accelerate.
Vice Chairman Chung Eui-sun, the Game Changer Leading Third-Generation Management
Born in 1970, Vice Chairman Chung graduated from Whimoon High School and Korea University with a degree in Business Administration, then earned a master's degree in Business Administration from the University of San Francisco. He began his career in the group in 1999 as head of Hyundai Motor's Purchasing Office, later serving as General Manager of Hyundai Motor's Sales Support Division, Deputy Head of Hyundai Motor's Domestic Sales Headquarters, and Deputy Head of Hyundai-Kia Motors' Planning Headquarters. In the early 2000s, he transferred to Hyundai Mobis and served as Vice President for two years.
His management skills began to emerge notably when he served as CEO of Kia Motors for about four years starting in 2005. At that time, Vice Chairman Chung made a bold move by recruiting world-renowned designer Peter Schreyer, establishing the tradition of "Design Kia." Strengthening design enhanced brand value, and Kia Motors settled into a virtuous cycle.
From 2009, he served as Vice Chairman in charge of planning and sales at Hyundai Motor, managing the overall operations of Hyundai Motor Group. He assisted Chairman Chung Mong-koo, steadily receiving management training and increasing his influence within the group. Since September 2018, he has been promoted to Chief Vice Chairman overseeing Hyundai Motor Group, firmly establishing himself as the group's undisputed leader.
Transition to an Eco-Friendly Paradigm: 'Chung Eui-sun's Hydrogen Management'
Since becoming Chief Vice Chairman, the area he has devoted the most effort to is the hydrogen industry. His vision is to realize a true hydrogen economy by building a comprehensive hydrogen ecosystem, including hydrogen-powered vehicles, hydrogen production, refueling, and power plants.
With Vice Chairman Chung's full support, Hyundai Motor launched the world's first mass-produced hydrogen fuel cell vehicle, the Tucson ix Fuel Cell, in 2013, and introduced the second-generation hydrogen fuel cell vehicle Nexo in 2018. Recently, Hyundai succeeded in mass-producing the world's first hydrogen fuel cell heavy-duty truck and has expanded the use of hydrogen fuel cell systems to various vehicle types and industrial sectors, including exports.
Last year, Vice Chairman Chung was appointed co-chairman of the International Hydrogen Council, the world's top CEO consortium in the hydrogen sector, and directly proposed three key directions for realizing the hydrogen economy. In July, at the "Korean New Deal National Report Conference," he personally introduced the group's eco-friendly strategy, sharing the vision for a hydrogen society and the group's eco-friendly vehicle strategy.
Accelerating the Transition to a Smart Mobility Company
With Vice Chairman Chung's promotion to Chairman, the ongoing transition to a future mobility-centered business is expected to gain even more momentum.
Since his promotion to Chief Vice Chairman in 2018, he has focused on transforming the business structure toward future growth engines. Earlier this year in January, Hyundai Motor, Kia Motors, and Hyundai Mobis announced a large-scale investment plan to invest 100 trillion KRW to secure future business capabilities.
Facing a period of upheaval in the global automotive industry, the group has boldly shifted its business focus to future mobility, breaking away from 'pure-blood' traditions and actively recruiting external talent to fundamentally improve its organizational structure. A representative example is the recruitment of Dr. Shin Jae-won, formerly of NASA, as Vice President of the Urban Air Mobility (UAM) Business Division.
Earlier this year, Chung Eui-sun, Vice Chairman of Hyundai Motor Group (photo left), unveiled an innovative future mobility vision to realize a human-centered dynamic future city at CES 2020 held at the Mandalay Bay Convention Center in Las Vegas, USA. Photo by Hyundai Motor Company
The core of Vice Chairman Chung's future business strategy can be summarized into two main pillars: electrification and mobility. Electrification and mobility are the two key axes driving the transition to a "smart mobility solutions company," which Vice Chairman Chung emphasizes.
Specifically, smart mobility solutions focus on Urban Air Mobility (UAM), Purpose-built Air Vehicles (PAV), and Mobility Transfer Hubs. Earlier this year at CES 2020, Vice Chairman Chung announced a strategic partnership with Uber in the UAM sector and shared a blueprint to commercialize UAM by 2028.
Starting next year, Hyundai Motor Group's electrification strategy will be in full swing. Hyundai plans to sequentially launch vehicles under the 'Ioniq' brand, based on the dedicated electric vehicle platform E-GMP, beginning early next year. Through this, the group aims to sell one million electric vehicles by 2025 and achieve a global market share of over 10%.
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