HD Hyundai Heavy Industries (Image courtesy of HD Hyundai Heavy Industries)
SEOUL, Oct. 17 (Korea Bizwire) – HD Hyundai, South Korea’s leading shipbuilding conglomerate, said Friday it has appointed Executive Vice Chairman Chung Kisun, the third-generation member of the founding family, as chairman, marking a shift to an owner-led management structure.
The move ends the professional management system that had been in place for decades. Outgoing Chairman Kwon Oh-gap has been named honorary chairman, the company said in a press release.
Chung Kisun, the new chairman of the South Korean shipbuilding conglomerate. (HD Hyundai)
Chung, the eldest son of Chung Mong-joon, chairman of the Asan Foundation and the largest shareholder of HD Hyundai, is expected to step up efforts to bolster the group’s competitiveness, particularly in shipbuilding, amid deepening cooperation with the United States.
“The management reshuffle reflects the group’s determination to usher in a new era of leadership to better navigate an increasingly competitive and diversified global business environment,” the release said.
The company said it aims to maintain its position as a global leader in shipbuilding and contribute to the country’s economic growth and national interests through the success of the MASGA project.
The MASGA project refers to Seoul’s initiative, “Make American Shipbuilding Great Again,” which seeks to revitalize the U.S. shipbuilding industry through partnerships with South Korean firms.
U.S. President Donald Trump has emphasized the need to rebuild America’s shipbuilding capabilities and strengthen cooperation with allies, such as South Korea, a key player in naval vessel construction.
In the reshuffle, Chung will continue to serve as chief executive of HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), a subholding unit of HD Hyundai, the release said.
HD KSOE controls three shipbuilding affiliates — HD Hyundai Heavy Industries Co., HD Hyundai Mipo Dockyard Co. and HD Hyundai Samho Heavy Industries Co.
(Yonhap)
