Seoul: HD Hyundai, South Korea's leading shipbuilding conglomerate, has announced the appointment of Executive Vice Chairman Chung Kisun as the new chairman. This move marks a significant transition to an owner-led management structure, as Chung represents the third generation of the founding family to take on this leadership role.
According to Yonhap News Agency, the decision concludes the professional management system that the company had utilized for decades. Outgoing Chairman Kwon Oh-gap has been named honorary chairman, as detailed in a company press release. Chung Kisun, who is the eldest son of Chung Mong-joon, the chairman of the Asan Foundation and the largest shareholder of HD Hyundai, is expected to advance the group's competitiveness in shipbuilding, especially in light of increasing collaboration with the United States.
Chung will maintain his role as chief executive of HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE), a subsidiary of HD Hyundai. HD KSOE is responsible for overseeing three shipbuilding affiliates: HD Hyundai Heavy Industries Co., HD Hyundai Mipo Dockyard Co., and HD Hyundai Samho Heavy Industries Co.