South Korea’s largest shipbuilding group, HD Hyundai, announced the completion of its leadership transition to a new generation of executives, with expectations that its management system will be further strengthened.
On October 17, HD Hyundai announced the appointment of Chung Kisun, a 43-year-old third-generation member of the founding family, as the group’s chairman. Outgoing chairman Kwon Oh-gap will assume the role of honorary chairman. Chung Kisun previously served as executive vice chairman of HD Hyundai.
Following this management adjustment, Chung Kisun will continue to serve as CEO of HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai Group’s shipbuilding operations. The subsidiary is responsible for managing the group’s three major shipbuilding companies – HD Hyundai Heavy Industries, HD Hyundai Mipo and HD Hyundai Samho; and will also serve as co-CEO of HD Hyundai XiteSolution to restructure HD Hyundai’s troubled engineering machinery business.
It is reported that Chung Kisun graduated with a degree in economics from Yonsei University and holds an MBA from Stanford University. As the grandson of HD Hyundai founder Chung Ju-yung and the eldest son of Chung Mong-joon, the company’s largest shareholder and former chairman, his assumption of the chairman position marks a shift toward a family-led management structure at HD Hyundai. This development signals the end of the decades-long era dominated by professional managers.
This personnel change not only marks a family succession at HD Hyundai but also signals a shift in philosophy for the historic industrial giant. Compared to previous HD Hyundai leaders, Chung Kisun is considered to have “cultivated a distinct public image—one that combines the pragmatic qualities of a shipbuilding industry veteran with the capable style of a tech entrepreneur.”
Under Chung Kisun’s leadership, HD Hyundai will establish the era of “Global HD Hyundai” by balancing the development of its three core business segments—energy, construction machinery, and shipbuilding—with the group’s shipbuilding operations at its core. The group is expanding into artificial intelligence, robotics, and data services through its subsidiary HD Hyundai XiteSolution, while continuing to invest in smart shipyards and autonomous navigation platforms.
Regarding Hyundai Heavy Industries’ decision to announce management personnel changes ahead of schedule, industry analysts in South Korea suggest this move is closely tied to the imminent restructuring of the group’s shipbuilding and construction machinery divisions.
Based on the plan, HD Hyundai Heavy Industries and HD Hyundai Mipo will complete their restructuring by December 1, 2025, while HD Hyundai Construction Equipment will be formally established on January 1, 2026. Therefore, it is necessary to implement management personnel adjustments earlier than in previous years.
Conversely, the two major sectors undergoing business restructuring will also form the strategic core for HD Hyundai’s newly appointed Chairman Chung Kisun moving forward.
HD Hyundai stated: “This management restructuring reflects the Group’s determination to usher in a new era of leadership, aimed at better addressing increasingly fierce global business competition and a diverse environment.”