November 15, 2024

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From left: Chung Ki-sun, vice chairman of HD Hyundai, Cho Seok, CEO of HD Hyundai Electric, Kim Jae-eul, vice president of HD Hyundai Heavy Industries, Song Myung-joon, vice president of HD Hyundai and Kim Young-ki, vice president of HD Hyundai Electric (HD Hyundai)

HD Hyundai announced new nominees to head its affiliates on Thursday as the Korean shipbuilding conglomerate aims to cope with changes in the global business environment in the wake of the US presidential election.

HD Hyundai Vice Chairman Chung Ki-sun has been promoted to the group’s executive vice chairman. With the promotion, Chung is expected to play a bigger role in leading HD Hyundai’s key projects and eco-friendly and technological innovation, discovering future growth engines and spreading a new corporate culture.

Cho Seok, CEO of HD Hyundai Electric, has been promoted to the group’s vice chairman.

Kim Jae-eul, vice president of HD Hyundai Heavy Industries, was nominated as the CEO of HD Hyundai Samho. Song Myung-joon, vice president of HD Hyundai, was nominated as the CEO of HD Hyundai Oilbank. Kim Young-ki, vice president of HD Hyundai Electric, was nominated as the CEO of HD Hyundai Electric.

The new CEO nominees are slated to be officially appointed after undergoing each company’s annual shareholders’ meeting and board of directors meeting later.

“We conducted these executive appointments to actively respond to changes in the business environment following the US presidential election and shifts in the international landscape such as the (Russia-Ukraine) war as well as fluctuations in oil prices and exchange rates,” an HD Hyundai official said.

“2025 will be a year where we put our utmost efforts into strengthening competitiveness in key businesses and securing future eco-friendly technologies. Although our shipbuilding business showed good earnings by securing a stable volume of shipbuilding orders and stabilizing the shipbuilding process, we will prepare thoroughly for a downturn by expanding overseas markets including the US, and developing and internalizing cutting-edge technologies.”

The official explained that HD Hyundai’s construction equipment part would continue to advance its business innovation based on the development of the next-generation model, completion of a new manufacturing plant in Ulsan, and organizational restructuring to better create synergy.

The official added that although HD Hyundai’s oil sector underwent a challenging year due to shrinking margins in the refinery business and a tough petrochemicals market, it will implement measures to improve management such as cost reductions and the appointment of new executives.

By Kan Hyeong-woo (hwkan@heraldcorp.com)