Executive Vice President Hyundai Engineering & Construction

This combined photo shows Hyundai Motor Group executives promoted to president of the group's units, Tuesday. From left are Hyundai Motor Company President and CEO Chang Jae-hoon, Hyundai Mobis President Cho Sung-hwan, Hyundai E&C President Yoon Young-joon, Hyundai Wia President Jung Jae-wook and Hyundai Motor Company President Shin Jai-won. Courtesy of Hyundai Motor Group

By Nam Hyun-woo

Hyundai Motor Group has reshuffled its top brass, promoting figures in charge of the group's future growth businesses to higher positions in the automotive conglomerate.

The reshuffle also shows signs of a generation shift, as key executives close to former Hyundai Motor Group Chairman Chung Mong-koo left their jobs to make way for younger figures having stronger connections to new Chairman Chung Euisun.

According to the group, Tuesday, it promoted Hyundai Motor Company Executive Vice President Chang Jae-hoon to the position of president and co-CEO of the brand. Following the promotion, Hyundai Motor Company will have four co-CEOs: the aforementioned Chung and Chang, Lee Won-hee and Ha Eon-tae.

Chang, who led domestic business of Hyundai and its luxury brand Genesis, is known as one of the closest allies to the chairman. He earned his reputation in the soft landing of the Genesis brand as well as introducing a more horizontal corporate culture in the company, which the chairman has been advocating.

With Chang's promotion, he is expected to serve the role of assisting the chairman. President Lee, who has been playing a representative role in running Hyundai Motor, will focus on electrification, smart factory, tech R&D and other tasks related to future mobility, Hyundai Motor Group said.

In the reshuffle, the group promoted Executive Vice President Shin Jai-won to president, and senior vice presidents Lee Kyu-oh and Kim Sae-hoon were also promoted to executive vice presidents.

Shin, a former NASA aeronautics expert, was promoted just a year after he joined the group in September last year to lead Hyundai's air taxi business, which is one of Chairman Chung's key future growth strategies.

Lee is in charge of Hyundai and Kia Motors' product development, having experience with the group's electric vehicle platform, E-GMP. Kim is head of the company's fuel cell division and was promoted to drive the company's fuel cell businesses.

Including them, 30 percent of executives promoted in Tuesday's reshuffle were from future growth businesses and research sectors, the group said.

As the group embraces new leaders in its top management, a number of long-time executives will leave the group.

Kim Yong-hwan, vice chairman of the group's steelmaking unit Hyundai Steel, will become an adviser to the automotive giant after serving 37 years there. Kim has been known as a key strategist of the group, supporting its former chairman as one of his closest allies. He spent most of his career at Hyundai Motor Company and moved to Hyundai Steel in 2018.

Along with Kim, Hyundai Engineering & Construction Vice Chairman Chung Jin-haeng was also appointed as an adviser.

Including Kim and Chung, the former Hyundai chairman had a slew of vice chairmen in the group, reaching a total of 14 in 2010. The number, however, has been declining since then and dropped to six in 2018, when the current chairman became the executive vice chairman of the group and began taking over his father's managing rights.

Following Tuesday's reshuffle, Hyundai Motor Group now has only two chairmen ― Hyundai Motor Company Vice Chairman Yoon Yeo-cheol, who is in charge of labor relations, and Hyundai Card Vice Chairman Chung Tae-young. Given the latter is a member of Hyundai's owner family ― brother of Chairman Chung's wife ― Yoon is the only vice chairman of the group outside the owner family.

"The reshuffle is aimed at appointing leaders with expertise in their fields, so they can enhance the group's future business and technological capabilities," Hyundai Motor Group said.

Also in the reshuffle, new leaders were appointed within Hyundai Motor Group's key affiliates.

Auto parts maker Hyundai Mobis appointed Cho Sung-hwan, who has been leading the company's R&D sector, as its new president, while Hyundai E&C promoted Yoon Young-joon to CEO.

Hyundai Wia, a machinery and auto parts manufacturer, appointed Jung Jae-wook, who had been leading Hyundai Motor's procurement business, as its new CEO.

Source: https://www.koreatimes.co.kr/www/tech/2020/12/419_300936.html

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