Hyundai Motor Group has just appointed a new chairman – Euisun Chung – and he has big plans for the South Korean conglomerate.
The 49-year scion of the conglomerate’s founding family officially takes over the role previously held by his father, Mong-Koo Chung. The former chairman, now 81, has since been inaugurated as honorary chairman as part of the shuffle.
Under his stewardship, the younger Chung wants Hyundai Motor Group to focus on mobility solutions that will be tailored to various customer lifestyles. At the same time, the company will continue to grow its market leadership in various fields such as autonomous driving, electrification, hydrogen fuel cell, robotics, and Urban Air Mobility (UAM).
“All of our goals and efforts must be customer-centric. The first step to customer happiness is to enable them to focus on their own lives through perfect quality of our products and services. For the free movement and prosperity of humanity, we will develop the world's most innovative and reliable autonomous driving technology, offering entirely new mobility experiences,” he said during his inauguration.
Apart from changes in the company’s future direction, Chung also said he wanted to create a more flexible work culture internally similar to tech companies today. Specifically, he wants to promote a healthier corporate culture by empowering employees and encouraging horizontal communication.
“If each and every employee thinks of oneself as a pioneer, and channel that positive energy into our growth and that of our future generations, I am certain we will seize fresh opportunities out of crises. I will foster a company culture that respects communication and autonomy. I will help cultivate a creative work environment, where talents are respected and realized to the fullest,” Chung adds.
Though he may be relatively young, Euisun Chung has a lot of experience with his family’s company. He first joined the group in 1999 as director of procurement. He then became president of Kia in 2005 and is credited for turning the business around. He was then appointed vice chairman of Hyundai Motor Company in 2009 before becoming executive vice chairman of the entire Hyundai Motor Group in 2018.
With a new chairman leading the South Korean conglomerate wanting big changes, we can’t wait to see what the future has in store for the Hyundai Motor Group.