<div class="container"><div class="row"><div class="col"><div class="article-detail-headline"><h1 class="article-detail_title"><span style="font-size: 10pt;"> (World Today Friday 14 September 2018)</span></h1><h1 class="article-detail_title"> Hyundai Motor Group names </h1><h1 class="article-detail_title"> heir apparent as chief vice chairman</h1><h1 class="article-detail_title"><img class="img-fluid bg-red" alt="Hyundai Motor Group Vice Chairman Chung Eui-sun attends the company's new year ceremony in Seoul. Photo: Reuters" src="https://img1.daumcdn.net/relay/cafe/original/?fname=https%3A%2F%2Fwww.todayonline.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fnew_app_article_detail%2Fpublic%2Fphotos%2F43_images%2F2018-09-14T032017Z_1_LYNXNPEE8D06B_RTROPTP_4_HYUNDAI-MOTOR-SALES.JPG%3Fitok%3D5WQX0vF7" lazy="loaded"><strong><span style="font-size: 9pt;">Hyundai Motor Group Vice Chairman Chung Eui-sun attends the company's new year ceremony in Seoul. Photo: Reuters</span></strong></h1></div></div></div></div><div class="container"><div class="row"><div class="col"><div class="article-detail-published-social article-detail_byline"><div class="row align-items-center"><div class="col"><div class="article-detail_bytime"><div class="article-detail_bylinepublish"><br></div><div class="article-detail_bylineupdate"><span style="font-size: 10pt;">Updated 14 September, 2018</span></div><div class="article-detail_bylineupdate"><br></div><div class="article-detail_bylineupdate"><br></div></div></div><a title="WhatsApp" class="social-link addthis_button_whatsapp at300b" href="https://www.todayonline.com/world/hyundai-motor-group-appoints-heir-apparent-chief-vice-chairman#" target="_blank"><div class="fa fa-whatsapp" aria-hidden="true"></div></a><div class="atclear"></div></div></div></div></div></div><!----><!----><!----><div class="container"><div class="row"><div class="col"><div class="article-detail_body"><p><strong><span style="font-size: 11pt;">SEOUL</span></strong><span style="font-size: 11pt;"> - Hyundai Motor Group appointed heir apparent Euisun Chung as chief vice chairman on Friday, moving him a step closer to succeeding his father as head of South Korea's second largest conglomerate. </span></p><p><span style="font-size: 11pt;">Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was promoted to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. </span></p><p><span style="font-size: 11pt;">Chaebols like Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. </span></p><p><span style="font-size: 11pt;">"In his new capacity, Chief Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," a Hyundai Motor Group spokesperson said. </span></p><p><span style="font-size: 11pt;">The younger Chung was vice chairman of the conglomerate's crown jewel Hyundai Motor Co <005380.KS> since 2009. </span><p><br></p><p><span style="font-size: 11pt;"><br></span></p><p><span style="font-size: 11pt;"><strong>GENERATIONAL SHIFT</strong> </span></p><p><span style="font-size: 11pt;">ES Chung has attended government meetings with business leaders in recent years, replacing his 80-year-old father who now makes few public appearances. </span></p><p><span style="font-size: 11pt;">MK Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest carmaker along with affiliate Kia Motors <000270.KS>. </span></p><p><span style="font-size: 11pt;">Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. </span></p><p><span style="font-size: 11pt;">The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. </span></p><p><span style="font-size: 11pt;">The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis. </span></p><p><span style="font-size: 11pt;">"Hyundai Motor will actively try to transform itself from a car manufacturer to a provider of smart mobility solutions," Chung said in a speech at a forum in India last week. </span></p><p><span style="font-size: 11pt;">A major challenge for ES Chung will be how to consolidate his holdings in the group. </span></p><p><span style="font-size: 11pt;">Hyundai Motor Group in May shelved an ownership restructuring plan that would have tightened the family's grip and paved the way for a succession. The plan had been opposed by U.S. activist hedge fund Elliott Management.. </span></p><p><span style="font-size: 11pt;">South Korea's government has called for reform of the country's family-owned conglomerates, known as chaebols, in the wake of a graft scandal that led to the ouster of a president, as well as the arrest of the Samsung Group chief. <strong>REUTERS</strong></span></p></div><br></div></div></div><p><br></p>
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