Euisun Chung Inaugurated as Chairman of Hyundai Motor Group, Opening a New Chapter in History

Rhea-AI Summary

Hyundai Motor Group announced the inauguration of Euisun Chung as Chairman, succeeding Mong-Koo Chung, who becomes Honorary Chairman. The unanimous decision was supported by the boards of Hyundai Motor, Kia Motors, and Hyundai Mobis. Euisun Chung aims to transform the Group with a customer-centric focus, emphasizing innovation in autonomous driving, electrification, and hydrogen fuel cells. The Group will prioritize employee empowerment and a healthier corporate culture. This leadership transition is expected to address market uncertainties and enhance mobility solutions.

Positive

• Unanimous board endorsement of Euisun Chung as Chairman.
• Focus on customer-centric strategies to enhance product quality and services.
• Plans to expand leadership in autonomous driving and hydrogen fuel cell technologies.
• Commitment to building a healthier corporate culture through employee empowerment.

Negative

• None.

• Chairman Mong-Koo Chung inaugurated as Honorary Chairman of the Group
• Inauguration unanimously endorsed by board members of Hyundai Motor, Kia Motors and Hyundai Mobis
• Euisun Chung has been recognized for successful leadership as Executive Vice Chairman of the Group over past two years
• Group's future direction will focus on 'customers,' 'humanity,' 'future' and 'social contribution'

…all activities must be customer-centric and enable customers to focus on lives
…contribute to humanity's dream of safe and free movement and a peaceful life
…realize a future of our imagination to offer a higher plane of life experiences
…become a company appreciated for sharing its fruits with customers

• Group will build a healthier corporate culture through employee empowerment and horizontal communication
• Euisun Chung to continue legacies of Founding Chairman Juyung Chung and Honorary Chairman Mong-Koo Chung 

SEOUL, South Korea, Oct. 13, 2020 /PRNewswire/ -- 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.

In his inauguration remarks, Euisun Chung presented the future direction of the Group as one focused on 'customers,' 'humanity,' 'future,' and 'social contribution.'

"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," said the newly inaugurated Chairman Chung.

Over the years, Chung has stressed the customer-centric approach and customer satisfaction, and applied the concept more broadly to all of humanity.

"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," said Chairman.

Chung is spearheading the Group's transformation from an automaker into a future mobility solution provider.

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 recently formed a venture Motional Inc. with Aptiv to develop and deploy industry-leading full autonomous driving technology. It is collaborating with partners around the globe to provide mobility services that meet the varying needs of different regions.

Furthermore, Chung foresaw the powerful possibilities of hydrogen energy and championed the growth of hydrogen ecosystem, with broad implementation of fuel cell technology beyond automobiles.

"Our world-class hydrogen fuel cell technology will be used not only in automobiles, but also in various fields, as an eco-friendly energy solution for the future of humanity," said Chung. "We will also realize the future of our imagination through Robotics, Urban Air Mobility (UAM), Smart City and other innovations. These groundbreaking advancements will offer a higher plane of life experiences for humanity."

In his remarks, he also stressed the importance of social contribution to the communities in which the Group operates, reflecting on his long-time commitment to communities and the future generation.

"Hyundai Motor Group aims to become a company cherished for realizing humanity's dream of safe and free movement and a peaceful life, as well as sharing its fruits with customers around the world."

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.

■ Chairman Euisun Chung Profile

Education

BA, Korea University
MBA, University of San Francisco

Experience
2018   Executive Vice Chairman, Hyundai Motor Group
2009   Vice Chairman, Hyundai Motor Company
2005   President, Kia Motors Corporation
2003   Head of Business Strategy Planning, Kia Motors Corporation
            Executive Vice President, Business Planning Division at Hyundai Motor Company
2002   Senior Vice President, Domestic Sales Division at Hyundai Motor Company
1999   Director, Procurement / Sales Support Division at Hyundai Motor Company

More information about Hyundai Motor can be found at: http://worldwide.hyundai.comor http://globalpr.hyundai.com

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SOURCE Hyundai Motor Group

FAQ

What significant leadership change occurred at Hyundai Motor Group on October 13, 2020?

Euisun Chung was inaugurated as Chairman, with Mong-Koo Chung becoming Honorary Chairman.

What is Euisun Chung's vision for Hyundai Motor Group?

Chung's vision focuses on customer-centricity, innovation in mobility solutions, and social contributions.

How will Hyundai Motor Group address market uncertainties?

The Group plans to develop technologies in autonomous driving, electrification, and hydrogen fuel cells.

What initiatives will Euisun Chung implement to improve corporate culture?

Chung aims to promote employee empowerment and horizontal communication within the Group.