SEOUL (Reuters) - Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, formally cementing his succession to the leadership of the world's fifth-largest automaker conglomerate from his octogenarian father.
In the first generational handover at the South Korean automobile giant in 20 years, Hyundai Motor Group said Chung, 49, had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman.
Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman.
His father, who took the wheels of the group in 2000, gave up his board seat in Hyundai Motor earlier this year after stepping back from frontline operations.
Euisun Chung has led Hyundai Motor Group's push in electric vehicles (EVs), mobility and hydrogen cars. In July, he said Hyundai and sister company Kia Motors <000270.KS> aimed to sell 1 million electric vehicles (EVs) in 2025, jointly targeting a more than 10% share of the global market for EVs.
(Reporting by Hyunjoo Jin, Additional reporting by Joyce Lee)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU