Hyundai announced that Euisun Chung, Executive Vice Chairman, was inaugurated to the position of Chairman of the Group.

Chairman Mong-Koo Chung was inaugurated to the position of Honorary Chairman.

Hyundai will open a new chapter in its history under Euisun Chung’s leadership. Embracing the vision ‘Together for a Better Future,’ the Group will develop and acquire key technologies and capabilities to overcome market uncertainties, including COVID-19.

In his inauguration remarks, Euisun Chung presented the future direction of the Group as one focused on customers, humanity, future, and social contribution.

The Group will offer mobility solutions tailored to customer lifestyles. It will also continue to grow its market leadership in various fields. Including autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM).

Furthermore, Chung foresaw the powerful possibilities of hydrogen energy and championed the growth of hydrogen ecosystem, with broad implementation of fuel cell technology beyond automobiles.

“Our world-class hydrogen fuel cell technology will be used not only in automobiles, but also in various fields, as an eco-friendly energy solution for the future of humanity,” said Chung. “We will also realize the future of our imagination through Robotics, Urban Air Mobility (UAM), Smart City and other innovations.”

In his remarks, he also stressed the importance of social contribution to the communities in which the Group operates.

The Group’s transformation under Chung is also taking place internally, with an emphasis on flexibility and agility like that of tech companies. Under his leadership, the Group is accelerating its efforts toward a healthier corporate culture by empowering its employees and encouraging horizontal communication.

The Group will also streamline its decision-making processes to make them more timely and transparent, and strengthen communication with the market to boost shareholder value.

He steered the turnaround of Kia’s business during his tenure as President, and led the growth of Hyundai amid the global financial crisis and successfully launched the luxury brand Genesis as Vice Chairman.

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 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.