Return to Owner Leadership After Over 30 Years Since 1988
Generational Shift Amid Shipbuilding and Construction Equipment Restructuring
"Financial Expert" Cho Young-chul, "Shipbuilding Veteran" Lee Sang-kyun
HD Hyundai has carried out its 2025 executive reshuffle, promoting Jung Ki-sun, Senior Vice Chairman of HD Hyundai, to Chairman. This marks the return of owner-led management for the first time in over 30 years since Chung Mong-joon, Chairman of the Asan Foundation, stepped back from frontline management in 1988. The era of professional management has come to a close, and a new leadership structure centered around Chairman Jung has now been formalized.
On October 17, HD Hyundai Group announced its 2025 executive appointments with these key changes. Jung Ki-sun, formerly Senior Vice Chairman, was promoted to Chairman, while Lee Sang-kyun, President of HD Hyundai Heavy Industries, and Cho Young-chul, President of HD Hyundai Site Solution, were each promoted to Vice Chairman. This year’s executive reshuffle was conducted earlier than usual to minimize organizational confusion and maximize synergy ahead of the planned merger between HD Hyundai Heavy Industries, HD Hyundai Mipo, HD Hyundai Construction Equipment, and HD Hyundai Infracore.
On January 11, 2024, Jung Ki-sun, then Vice Chairman of HD Hyundai, delivered the keynote speech at CES 2024, the world's largest consumer electronics and IT exhibition, held at The Venetian Hotel in Las Vegas, USA. HD Hyundai
Chairman Jung will concurrently serve as CEO of both HD Hyundai, the holding company, and HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company, overseeing the group’s strategy and investments. At the same time, he will act as co-CEO of HD Hyundai Site Solution, taking direct charge of normalizing the underperforming construction equipment division. Drawing on his experience founding HD Hyundai Marine Solution in 2016 and developing it into a core business, as well as leading the 2021 acquisition of Doosan Infracore and incorporating the construction equipment business as a key pillar of the group, he aims to secure new growth engines for the future.
Cho Young-chul was promoted from President of HD Hyundai Site Solution to Vice Chairman and has been nominated as Co-CEO of HD Hyundai. He is regarded as a financial expert, having previously served as Head of Finance at Hyundai Oilbank. During his tenure as Head of Management Support at Korea Shipbuilding & Offshore Engineering, he led the group’s financial restructuring and investment efficiency strategies. More recently, he has participated in preparations for integrating the construction equipment division, and is ready to oversee capital allocation, digital transformation, and investment execution.
Jung Ki-sun, Chairman and CEO of HD Hyundai (left), and Cho Young-chul, Vice Chairman and CEO of HD Hyundai. HD Hyundai
Lee Sang-kyun was promoted from President to Vice Chairman of HD Hyundai Heavy Industries. Since joining Hyundai Heavy Industries in 1983, he has built his career in production and technology, earning a reputation as a hands-on leader in shipbuilding. He is expected to spearhead quality and production innovation, as well as organizational stabilization, in the integrated shipbuilding business. Since April, he has also served as Chairman of the Korea Offshore & Shipbuilding Association, playing a central role in coordinating industry issues and policy responses.
Under this new structure, Chairman Jung will oversee the group’s long-term vision and global strategy, Vice Chairman Cho will be responsible for capital and digital management, and Vice Chairman Lee will manage shipbuilding-related networks. This marks the full-scale implementation of a division-of-labor management system, in which professional executives take on functional responsibilities under owner leadership.
HD Hyundai Heavy Industries will now be led by Vice Chairman Lee and newly appointed President Keum Seok-ho as co-CEOs. President Keum is a hands-on executive with experience in HR and management support, and will oversee all aspects of management support, including finance, assets, and co-prosperity. Together with Vice Chairman Lee, who is responsible for production and operations, they are expected to drive organizational stability and strengthen on-site competitiveness following the shipbuilding integration.
This executive reshuffle is seen as the practical starting point for HD Hyundai’s ongoing large-scale structural reforms. In the shipbuilding sector, the integration of HD Hyundai Heavy Industries and HD Hyundai Mipo is expected to be completed within the year. In the construction equipment sector, the merger of HD Hyundai Construction Equipment and HD Hyundai Infracore will be finalized in January next year. The energy affiliates are also pursuing efficiency centered on power generation, plant, and solutions.
Chairman Jung plans to accelerate new growth businesses such as artificial intelligence (AI), eco-friendly initiatives, and digital transformation, with the aim of establishing an “HD Hyundai-style future industrial structure” in the global market.
An HD Hyundai official stated, “By harmonizing the new and existing management, we will strengthen the competitiveness of our existing businesses, secure new growth engines through innovation across all sectors, and leap forward as a world-class comprehensive heavy industry group.” The official added, “HD Hyundai will maintain its global leadership in shipbuilding, contribute to national economic development and sustainable growth through the success of the MASGA (Make American Shipbuilding Great Again) project, and the development of new technologies.”
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