Hyundai Heavy Group shifts to owner-management system Chairman Kwon Oh-gap steps down from CEO role of conglomerate’s two key companies

Translated by Ryu Ho-joung 공개 2021-10-14 08:06:45

이 기사는 2021년 10월 14일 08:02 더벨 유료페이지에 표출된 기사입니다.

Hyundai Heavy Industries Group chairman Kwon Oh-gap has stepped down from the chief executive position at Korea Shipbuilding & Offshore Engineering and Hyundai Genuine, signaling the end of his era as the conglomerate accelerates its shift to an owner-management system.

Kwon will retreat from the top role of the two companies, the South Korean heavy industry giant said on Tuesday. He will serve only as Hyundai Heavy Industries Holdings’ co-CEO along with Chung Ki-sun.

At the same time, Korea Shipbuilding & Offshore Engineering CEO Ga Sam-hyun, Hyundai Heavy Industries CEO Han Young-seuk, Hyundai Oil Bank CEO Kang Dal-ho and Hyundai Doosan Infracore CEO Sohn Dong-youn have been promoted to vice chairman roles.

Kwon, who has worked at the conglomerate for more than 40 years, has a significant presence within the industrial group. He also led Hyundai Heavy Industries’ restructuring effort when the company suffered a downturn in business.

The leadership reshuffle is seen as a sign that the conglomerate’s shift to an owner-management system is imminent, industry watchers said. Chung, the grandson of the late Hyundai Group founder Chung Ju-yung, has been advanced to Hyundai Heavy Industries Holdings’ co-CEO and Korea Shipbuilding & Offshore Engineering’s CEO.

The appointment of the four new vice chairmen who will support Chung – rather than concentrating power in the hands of one professional manager – is also in line with such transformation.

Ga Sam-hyun and Han Young-seuk both started their industrial career at Hyundai Heavy Industries and are experts in shipbuilding with more than 40 years of experience. They have been mentioned as future leaders of the conglomerate under Chung.

Ga, born in 1957, previously served as head of Hyundai Heavy Industries’ London operations and has been in the chief executive role at Korea Shipbuilding & Offshore Engineering since 2020.

Han, also born in 1957, held several managerial roles at Hyundai Heavy Industries and led Hyundai Mipo Dockyard. He has been in the chief executive role at Hyundai Heavy Industries since 2018.

Kang Dal-ho and Sohn Dong-youn, both born in 1958, have been in the top role at Hyundai Oil Bank and Hyundai Doosan Infracore, respectively, since 2019 and 2015. (Reporting by Eun-a Jo)
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