Hyundai Motor Group has announced that Euisun Chung, Executive Vice Chairman has been inaugurated to the position of Chairman of the Group. On the other hand, Chairman Mong-Koo Chung has been inaugurated to the position of Honorary Chairman. The company’s press statement says that Hyundai Motor Company, Kia Motors Corporation and Hyundai Mobis Co. each held some extraordinary board meetings in order to discuss the inauguration. Hyundai Motor Group believes that the leadership of Euisun Chung will write a new chapter in its history. With the vision ‘Together for a Better Future,’ the Hyundai Group will be developing and acquiring key technologies and capabilities to overcome multiple market uncertainties and COVID-19 is one of them.
Hyundai says that over the years, Chung has stressed customer-centric approach along with customer satisfaction, and has applied the concept more broadly to all of humanity. Furthermore, Chung foresaw the powerful possibilities of hydrogen energy and also championed the growth of hydrogen ecosystem, with a broad implementation of fuel cell technology beyond automobiles. In his remarks, Chung also stressed the importance of social contribution to the communities in which the Group operates.
Chung is known to have steered the turnaround of Kia Motors’ business during his tenure as President. Moreover, he led the growth of Hyundai Motor amid the global financial crisis and successfully launched Genesis luxury brand as Vice Chairman. Mong-Koo Chung, new Honorary Chairman of the Group, recently expressed his wish to move on and asked Euisun Chung to lead the Group’s future growth and innovation beyond the current challenges. Honorary Chairman Chung is widely acknowledged for his contribution to the advancement of global auto industry, and he was inducted into the Automotive Hall of Fame in 2020.
He brought Kia Motors into the Group during the Asian financial crisis in the 1990s and turned the company into a successful global automaker. He also grew Hyundai and Kia into global automotive companies and advanced Korea as a leading nation in the automotive industry. His key to the success of Hyundai Motor Group was making quality the number one priority. Honorary Chairman Chung established a standardized plant construction system to assure consistent high-quality production for Hyundai and Kia vehicles around the world, and built one of the world’s largest research and development centers to strengthen the Group’s competitiveness.
