Executive Vice Chairman of Hyundai Motor Group Chung Euisun is set to take leadership on South Korea’s largest carmaker conglomerate as its chairman. According to industry sources on Tuesday, the promotion would go through a board meeting set on Wednesday morning, according to industry sources.
The board meeting would approve Chung as the head of Hyundai Motor Group. According to sources, the meeting would only take on Chung’s promotion on its agenda. However, the conglomerate refused to comment on the situation.
Upon the board’s approval of his chairmanship, Chung would officially replace his father, the sitting Chairman Chung Mong-koo, who has not made a public appearance since 2016. Hospitalized due to illness, Chairman Chung would step down as an honorary chairman when Euisun becomes the new chairman.
In 2018, the board elected the younger Chung as the group’s executive vice-chairman. In March, he took over the chair’s post of Hyundai Motor from his father, effectively serving as the de facto leader. He also became the CEO of Hyundai Motor Company and its subsidiary Hyundai Mobis.
Industry experts interpret Chung’s supposed promotion as efforts to stabilize the group’s management and operations. The recent COVID-19 pandemic has created a more volatile and rapidly changing automobile industry. These environmental changes need responsible leadership to address and lead growth promptly.
Leading the Transformation Into a Comprehensive Mobility Provider
Chung’s promotion is expected to accelerate Hyundai Motor Group’s aim to transform into a comprehensive mobility provider whose domain ranges from making vehicles to providing advanced transport services.
Under Chung’s leadership, the group has grown into the world’s fourth-largest electric vehicle brand, pursuing businesses in electrification, future mobility, and air mobility.
In January, the conglomerate introduced its urban air mobility (UAM) initiative at the Consumer Electric Show. The conglomerate also pledged to lead the global EV market by setting an aggressive sales target of 1 million vehicles per year by 2025.
Recently, the South Korean carmaker broke ground on the Hyundai Motor Group Innovation Center in Singapore (HMGICS) through a virtual event.
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