Enhancing Group Control and Strengthening Responsible Management
'Future Builder' Shifts Focus from Manufacturing to Technology
50 Years Ago, Grandfather Founded Hyundai Heavy Industries
Jeong Gi-seon, President of Korea Shipbuilding & Offshore Engineering and Hyundai Heavy Industries Holdings
[Asia Economy Reporter Oh Hyung-gil] Jeong Gi-seon, President of Korea Shipbuilding & Offshore Engineering and Hyundai Heavy Industries Holdings, has been appointed as the CEO overseeing both the group and the shipbuilding holding company just four months after his promotion to president.
By swiftly stepping to the forefront of management, it is expected that he will strengthen the group's control and reinforce owner-led responsible management. With a youthful sensibility, he is set to break away from the traditional image of "heavy industries" and actively enter future new growth businesses.
Korea Shipbuilding & Offshore Engineering plans to newly appoint President Jeong as an inside director at the regular shareholders' meeting scheduled for the 22nd. After his appointment as director, he is expected to become co-CEO alongside Vice Chairman Ga Sam-hyun of Korea Shipbuilding & Offshore Engineering. President Jeong will also be listed as an inside director at Hyundai Heavy Industries Holdings' shareholders' meeting on the 28th.
Since fully engaging in company management in 2013 after working at Boston Consulting Group, he will take on the significant role of overseeing both the group holding company and the shipbuilding holding company after 10 years. This is especially notable as it coincides with the 50th anniversary of Hyundai Heavy Industries Group, founded by the late founder Chung Ju-yung, who broke ground on the Hyundai Ulsan Shipyard on March 23, 1972.
Hyundai Heavy Industries Holdings is preparing to change its name to "HD Hyundai" at this shareholders' meeting, signaling new changes coinciding with the time when the "third-generation owner" President Jeong steps up to the front line of management. Going forward, Hyundai Heavy Industries Holdings is expected to emphasize its role as an investment-focused holding company that nurtures and discovers future new growth businesses as the group holding company.
Earlier this year, President Jeong participated in the "Consumer Electronics Show (CES) 2022" and presented a new vision called "Future Builder." He also expressed his ambition to transform the company from a manufacturing-centered to a technology-centered enterprise.
At this event, evaluating Hyundai Heavy Industries Group's 50 years, President Jeong said, "The next 50 years will be about becoming the world's best Future Builder, creating new growth that is more sustainable, smarter, and more inclusive, unlike anything before."
President Jeong placed emphasis on big data first. He plans to build big data platforms for each affiliate in shipbuilding & offshore, energy, and machinery sectors in partnership with the U.S. big data company Palantir. Based on this platform, a specialized joint venture will be established to develop and sell big data platform services, commercializing big data solutions to generate sales targeting domestic and international companies.
In the shipbuilding sector, it is reported that he has shown interest in expanding eco-friendly business strategies, including dual-fuel engines, hydrogen fuel cells, and smart shipyard projects.
A Hyundai Heavy Industries Group official said, "This year marks the 50th anniversary of the group's founding. While the past 50 years were a time of challenge and growth, the next 50 years will be about strengthening competitiveness in existing business areas through innovative technologies and creating new future value to become a Future Builder. President Jeong is also demonstrating his capabilities in establishing the group's future strategies, including discovering new businesses, accelerating digital management, and creating business synergies."
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