HD Hyundai, 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, 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.
He will continue to serve as chief executive of HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a subholding unit of HD Hyundai, the release said.
HD KSOE controls three shipbuilding affiliates — HD Hyundai Heavy Industries, HD Hyundai Mipo Dockyard and HD Hyundai Samho Heavy Industries.