Chung Ki-sun becomes HD Hyundai chairman

Chung Ki-sun, 43, the third-generation heir to the Hyundai founding family, was promoted to chairman of HD Hyundai on Oct. 17. The promotion ends 37 years of professional management and returns the group to owner-led leadership for the first time since former Chairman Chung Mong-joon stepped down in 1988 to enter politics. Chung’s new leadership is expected to focus on shipbuilding as the group’s growth engine.

HD Hyundai announced a 2025 executive reshuffle on Oct. 17 that included Chung’s promotion. He assumes the top job roughly a year after being promoted from vice chairman to senior vice chairman last November. The company moved up the reshuffle to maximize merger synergies ahead of the Dec. 1 merger of HD Hyundai Heavy Industries and HD Hyundai Mipo, and the Jan. 1 integration of HD Construction Equipment and HD Hyundai Infracore. The changes are also seen as a response to rapid shifts in the external environment, including the MASGA Project, a Korea-U.S. initiative to rebuild U.S. shipbuilding capacity.

Chung is the eldest son of Chung Mong-joon, chairman of the Asan Foundation. He graduated from Yonsei University with a degree in economics and earned an MBA from Stanford University. He joined Hyundai Heavy Industries’ finance team in 2009, later served as CEO of HD Hyundai Marine Solution, and now leads HD Hyundai and HD Korea Shipbuilding & Offshore Engineering.

Chung has a track record of growing businesses within the group. He led the launch of HD Hyundai Marine Solution in 2016, growing it into a core business with a market value of 11 trillion won. In 2021, he oversaw the acquisition of Doosan Infracore and strengthened the group’s construction machinery operations. Under the new appointments, Chung will also serve as co-CEO of HD Hyundai Site Solution, the intermediate holding company for the construction equipment unit, as he works to turn around the underperforming division.

An HD Hyundai official said Chung is focusing on future growth through artificial intelligence, digital transformation and green technologies, and has been meeting key U.S. figures to strengthen shipbuilding cooperation.

Kwon Oh-gap, 74, who joined the company in 1978 and became chairman in 2019, will become honorary chairman and step down as CEO after the March shareholders’ meeting. Cho Young-chul, 64, president of HD Hyundai Site Solution, has been nominated as co-CEO and will be promoted to vice chairman to serve alongside Chung.

Kum Seok-ho, 57, was promoted from executive vice president to president of HD Hyundai Heavy Industries and will serve as co-CEO with Lee Sang-gyun, 64, who was also promoted to vice chairman.

HD Hyundai said the personnel changes signal a move toward new leadership amid increasingly complex global business conditions. The company expects collaboration between new and veteran executives to help it become the world’s leading integrated heavy industry group. Analysts predict the early reshuffle will prompt other major conglomerates to accelerate and expand year-end appointments.


Jae-Hyeng Kim monami@donga.com