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Hyundai Motor Group heir apparent Euisun Chung appointed as chairman

Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman

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Hyundai Motor | South Korea

Reuters  |  SEOUL 

File photo of Euisun Chung attending 2017 New York International Auto Show in New York City. Photo: Reuters
File photo of Euisun Chung attending 2017 New York International Auto Show in New York City. Photo: Reuters

SEOUL (Reuters) - 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, 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 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.)

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First Published: Wed, October 14 2020. 08:04 IST
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