Presided Over Key Affiliate Presidents' Meeting Today
"Must Reflect on Whether We Have Relied on Immediate Performance"
Comprehensive Review of External Risks Including China and Tariffs
"Must Show the Future"… Urges to Present a Vision
Kwon Ohgap, Chairman of HD Hyundai, recently expressed concerns about the company potentially overlooking the seriousness of the current crisis amid changing internal and external business conditions, stating, "I wonder if we have neglected the gravity of the crisis by riding on our performance." He called on the company’s executives to adopt a heightened sense of crisis and to prepare practical countermeasures.
At a meeting of HD Hyundai’s key affiliate presidents held on July 3, Chairman Kwon emphasized these points while discussing the company’s performance outlook for the second half of the year and strategies to respond to changes in the business environment. The meeting was attended by Chairman Kwon, Senior Vice Chairman Chung Ki-sun, and the heads of 13 major affiliates, including HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries, HD Hyundai Oilbank, and HD Hyundai Site Solution. According to HD Hyundai, the meeting was convened to objectively assess the crises facing each company and seek response measures amid growing uncertainty caused by multiple external factors: the rapid growth of Chinese manufacturing, war risks in the Middle East, and the imposition of steel and machinery tariffs by the United States.
In his opening remarks, Chairman Kwon said, "Today, I am not seeking conventional discussions or reports focused on numbers. Please share your honest thoughts, even if it takes extra time." He continued, "Now is the time for everyone to unite in order to wisely overcome this crisis. We must work to accurately analyze and prepare countermeasures for the impending recession and crisis, but we should not become impatient or unsettled by external variables."
He also urged the executives to demonstrate responsible leadership. Chairman Kwon stated, "The greater the uncertainty, the more crucial the role and judgment of leaders become. Objectively assess whether it is possible to achieve the desired results with our current human and material resources, and act with conviction." He added, "Please act in a way that inspires hope and vision for the future among employees." Furthermore, he emphasized, "Safety is a value that cannot be compromised," and instructed the presidents to personally visit worksites frequently to ensure there are no shortcomings.
During the meeting, HD Hyundai reviewed the business goals set by each affiliate at the beginning of the year and decided to establish comprehensive measures for underperforming businesses, including restructuring and reorganization. The company also plans to reexamine its mid- to long-term business plans from the ground up. Going forward, the company will share the current crisis situation with employees through 'business status briefings' at each affiliate and work to build a company-wide consensus.
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