Chung Ki-sun joins KSOE boardroom, to take helm at Hyundai Heavy

Hyundai Heavy Industries Group’s heir apparent Chung Ki-sun has been appointed as a co-chief executive and a registered director of Korea Shipbuilding & Offshore Engineering Co. (KSOE), accelerating the group’s generational leadership change.

Chung, currently president of KSOE, the intermediate shipbuilding holding company of the group, will lead the company alongside the incumbent CEO and Vice Chairman Ka Sam-hyun, the company said at its shareholders’ meeting on Tuesday.

The grandson of Hyundai Group founder Chung Ju-yung is also expected to be named a registered executive at Hyundai Heavy Industries Holdings Co. during its annual general meeting (AGM) on March 28.

As a co-CEO of the holding company, he will jointly lead the conglomerate with the incumbent CEO and Chairman Kwon Oh-gap.

Since Chung was promoted to the president of KSOE and Hyundai Heavy Industries Holdings in October last year, he has been an unregistered executive.

KSOE, under its wing, owns three shipbuilding affiliates – Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.

With his joining the two firms’ boardrooms, he will be placed under increased public scrutiny as he moves one step closer to managing the entire group, analysts said.

THIRD-GENERATION LEADERSHIP

A third-generation member of Hyundai Heavy’s founding family, Chung is the eldest son of Chung Mong-joon, a former politician and the sixth son of the late Hyundai founder. Chung Mong-joon is the largest shareholder of Hyundai Heavy Industries Holdings.

The junior Chung previously served as the CEO of Hyundai Global Service Co., the group’s ship repair and maintenance unit.

The 39-year-old Chung studied economics at Yonsei University and earned a master’s degree at Stanford University. He also worked at Boston Consulting Group.

At Hyundai Heavy Industries Holdings’ AGM on Monday, the company plans to change its name to HD Hyundai as it is seeking to transform into an entity focused on new growth drivers, including M&As.

The group said it plans to list Hyundai Samho on the Korea Exchange soon after the country’s regulation change to allow for the simultaneous listings of the holding company and its subsidiaries.

Hyundai Samho earlier said it will go public by year-end as agreed with its key investor IMM Private Equity.

Write to Jung-hwan Hwang at jung@hankyung.com
In-Soo Nam edited this article.