Chairman Kwon Oh-gap: "This Year's Management Goal is 'Overcoming Crisis and Preparing for the Future'"

Emphasizing Competence, Technical Skills, and Responsible Management
20th Anniversary of Honorary Chairman Chung Ju-yung's Passing This Year
Hyundai Heavy Industries' 50th Anniversary Next Year

Kwon Oh-gap, Chairman of Hyundai Heavy Industries Holdings

[Asia Economy Reporter Hwang Yoon-joo] Kwon Oh-gap, Chairman of Hyundai Heavy Industries Holdings, announced, "This year's management goal is set as 'Overcoming the crisis and preparing for the future.'"

In his New Year's address on the 4th, Chairman Kwon said, "To achieve the goal of the Korean shipbuilding industry's leap forward, this will be an important year with many tasks to accomplish in various fields, including synergy creation."

Chairman Kwon first urged to "build capability (實力)" to achieve this year's management goals. He stated, "Each affiliate of the group must take a cold, objective look at their position in their respective industries and how much capability they possess. If there is anything that needs to return to basics, it must be done no matter how long it takes."

Secondly, he emphasized technological capability. Chairman Kwon said, "In uncertain crises, technology is the only key to opening the future," and "Technology development must be directly realized in every product we make."

Regarding technology development, he said it is necessary to have the insight to accurately read the flow of change rather than focusing on speed. Chairman Kwon explained, "The reason for appointing the head of the Korea Shipbuilding & Offshore Engineering Future Technology Research Institute as the head of Hyundai Heavy Industries Technology Headquarters and appointing the head of the Technology Headquarters as the head of the Production Headquarters in last year's personnel changes is the same," adding, "I expect the new research institute head, technology headquarters head, and production headquarters head to become a trinity and create significant changes in all areas of research, technology, and production."

He also emphasized "responsible management" after business division.

Chairman Kwon said, "The three shipbuilders (Hyundai Heavy Industries, Hyundai Mipo Dockyard, Hyundai Samho Heavy Industries) must cooperate to create synergy, but cooperation and dependence are clearly different," and "Now, the three shipbuilders will strive to catch two rabbits: cooperation and competition."

He added, "Other affiliates such as Hyundai Electric, Hyundai Construction Equipment, Hyundai Robotics, Hyundai Global Service, and Hyundai Energy Solutions are working hard to become the best companies in their respective fields."

Furthermore, he stated the need to incorporate new things for the future and solidify them.

Chairman Kwon said, "The term 'optimization' is commonly used, meaning maximizing efficiency within a given scope," and "2021 should be a year to once again unite our strength under the banner of 'optimization' in all fields."

He continued, "'Another goal for the future is to find 'growth engines,'" and "Last year, we established a 'Future Committee' within the group, and each subcommittee is gradually producing results."

Lastly, Chairman Kwon emphasized that this year marks the 20th anniversary of the passing of Hyundai Group founder the late Honorary Chairman Chung Ju-yung, and next year is the 50th anniversary of Hyundai Heavy Industries' founding. He said, "Honorary Chairman Chung said that the success or failure of all work depends on the mindset and attitude of the person doing it. I hope this year will be one to put that into practice."