HD Hyundai Executive Team Reshuffle... Expansion of Senior Vice Chairman Role
"Proactively Responding to Rapidly Changing Business Environment"
Jung Ki-sun, Vice Chairman of HD Hyundai Group, has been promoted to Senior Vice Chairman. Jo Seok, President of HD Hyundai Electric, has been promoted to Vice Chairman.
HD Hyundai Group announced on the 14th that it had carried out the 2024 executive personnel reshuffle with these changes. Senior Vice Chairman Jung, who was promoted just one year after becoming Vice Chairman, is expected to focus on directly overseeing the group’s key core tasks, leading the discovery of future growth engines, innovations in eco-friendly and digital technologies, and the spread of a new corporate culture. Kwon Oh-gap, Chairman of HD Hyundai, will continue to serve as chairman.
The promotions of Senior Vice Chairman Jung and Vice Chairman Jo are interpreted as a result of their achievements in leading the smoothly operating shipbuilding and rapidly growing power equipment businesses. HD Korea Shipbuilding & Offshore, the shipbuilding holding company, recorded sales and operating profits of 6.2458 trillion KRW and 398.4 billion KRW respectively in the third quarter of this year, marking increases of 24.6% and 477.4% compared to the previous year. They achieved strong performance through expanding the proportion of high value-added ships and improving productivity. HD Hyundai Electric also posted third-quarter sales of 789 billion KRW and operating profits of 164 billion KRW, up 13.6% and 91.8% respectively from the same period last year.
An HD Hyundai official explained, "The executive reshuffle was carried out to actively respond to the rapidly changing management environment, including changes after the US presidential election, international situations such as the Ukraine war, and fluctuations in oil prices and exchange rates."
Jo Seok, Vice Chairman of HD Hyundai Electric
Kim Jae-eul, Vice President and Head of Shipbuilding Business at HD Hyundai Heavy Industries, has been nominated for promotion to President of HD Hyundai Samho. Born in 1965, Kim graduated from Korea Maritime and Ocean University with a major in Navigation and is a shipbuilding expert who has experience in both design and production at Hyundai Heavy Industries. He has served as Head of Technology and Production Headquarters at Hyundai Heavy Industries and has been leading the shipbuilding business at HD Hyundai Heavy Industries.
At HD Hyundai Oilbank, Song Myung-jun, Vice President of the Finance Support Office at HD Hyundai, has been nominated for promotion to President, and Jeong Im-ju, currently Head of the Safety Production Headquarters, has been nominated as Co-CEO.
Born in 1969, Song Myung-jun graduated from Yonsei University with a degree in Business Administration and has been responsible for finance and business planning at Hyundai Heavy Industries and Hyundai Oilbank. Jeong Im-ju, also born in 1969, graduated from Yonsei University with a degree in Chemical Engineering and worked as a production process and technical engineer at Hyundai Oilbank’s Daesan plant.
Kim Young-gi, Vice President, has been nominated for promotion to President of HD Hyundai Electric. Born in 1966, Kim graduated from Kyung Hee University and earned a master's degree from the University of Texas. He is recognized as an expert in the field, having experience in power equipment research institutes, product development, sales, and production.
The announced CEO nominees will be formally appointed as CEOs after shareholder meetings and board of directors’ approval.
An HD Hyundai official said, "This year, the shipbuilding business showed good performance with stable operation volume and process stability. Going forward, we will thoroughly prepare for downturns by expanding overseas markets including the US and developing and internalizing cutting-edge technologies."
He added, "The construction machinery division will continue management innovation through completing next-generation new model development, completing the new Ulsan plant, and organizational restructuring to secure synergies. Although the refining and petrochemical division had a difficult year, with the appointment of new management, it will pursue various management improvement efforts such as organizational culture innovation and financial structure improvement through cost reduction."
Meanwhile, HD Hyundai plans to carry out a follow-up executive reshuffle soon after this executive personnel announcement.
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