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By Nam Hyun-woo
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| Hyundai Motor Group Chief Vice Chairman Chung Eui-sun |
With the latest reshuffle, executives who assisted Chung's father, HMG Chairman Chung Mong-koo, stepped back from the group's car frontline, paving the way for younger Chung's aides and some new faces to blend in, industry analysts said.
According to the group, it named Hyundai Motor Vice Chairman Kim Yong-hwan as the new vice chairman of its steelmaking affiliate Hyundai Steel. Kim is known as Chairman Chung's closest aide.
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| Hyundai Steel Vice Chairman Kim Yong-hwan |
Before the reshuffle, HMG had seven vice chairmen and five of them ― Executive Vice Chairman Chung, Kim, Yang, Kwon and labor issue specialist Yoon Yeo-chul ― were in charge of Hyundai Motor.
After the shakeup, however, Chung and Yoon will be taking care of management at Hyundai Motor, meaning Chung's control of the flagship unit has become absolute.
"The reshuffle means the group's power transition to the younger Chung is nearly complete," a source close to the matter said. "It also seemed the reshuffle honored the former chairman's contributions to the group's current status as an automotive giant."
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| Hyundai E&C Vice Chairman Chung Jin-haeng |
The group's parts making affiliate Hyundai Mobis will also see a new leader, with Hyundai Kefico President Park Jeong-guk named as its new president.
Also noticeable in the reshuffle was the promotion of executives who newly joined the group.
HMG promoted Hyundai Motor President Albert Biermann as head of R&D. This is the first time Hyundai Motor has had a foreign executive lead its R&D.
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| Hyundai Motor President Albert Biermaan |
The group also promoted Chi Young-jo ― a former Samsung Electronics executive ― from vice president of strategic technology to president of the division.
"Following massive shakeups in overseas units, the group made the changes in order to strengthen the company's future competitiveness," HMG said in a statement. "Especially, the group deployed specialists whose expertise and leadership have been proven so they can bring in freshness and balance."
Meanwhile, Kong Young-woon, vice president for communications, was promoted to president of strategy and planning, taking over his predecessor Chung Jin-haeng's job of dealing with communications and government affairs.
