Hyundai Motor Group (the Group) announced today that Euisun Chung, Executive Vice Chairman, was inaugurated to the position of Chairman of the Group. Chairman Mong-Koo Chung was inaugurated to the position of Honorary Chairman.
Hyundai Motor Company, Kia Motors Corporation, and Hyundai Mobis Co. each held extraordinary board meetings today to discuss the inauguration. All members of the boards unanimously endorsed the inauguration of Euisun Chung as the new Chairman of the Group.
Hyundai Motor Group will open a new chapter in its history under Euisun Chung’s leadership. Embracing the vision ‘Together for a Better Future,’ the Group will develop and acquire key technologies and capabilities to overcome market uncertainties, including COVID-19.
Over the years, Chung has stressed the customer-centric approach and customer satisfaction, and applied the concept more broadly to all of humanity.
The Group will offer mobility solutions tailored to customer lifestyles and continue to grow its market leadership in various fields, including autonomous driving, electrification, hydrogen fuel cell, robotics, and Urban Air Mobility (UAM).
The Group’s transformation under Chung is also taking place internally, with an emphasis on flexibility and agility like that of tech companies. Under his leadership, the Group is accelerating its efforts toward a healthier corporate culture by empowering its employees and encouraging horizontal communication.
The Group will also streamline its decision-making processes to make them more timely and transparent, and strengthen communication with the market to boost shareholder value.
Chung has been recognized for his innovative vision and for leading the Group’s key businesses successfully over the past two years as the Executive Vice Chairman.
He steered the turnaround of Kia Motors’ business during his tenure as President, and led the growth of Hyundai Motor amid the global financial crisis and successfully launched the luxury brand Genesis as Vice Chairman.
Mong-Koo Chung, new Honorary Chairman of the Group, recently expressed his wish to move on and asked Euisun Chung to lead the Group’s future growth and innovation beyond the current challenges.
Honorary Chairman Chung is widely acknowledged for his contribution to the advancement of global auto industry, and he was inducted into the Automotive Hall of Fame in 2020.
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