Hyundai Signals Power Shift to Heir Apparent Chung Euisun

Hyundai Motor Group tapped Chief Vice Chairman Chung Eui-sun, 48, to deliver its new-year speech to employees, an indication that he has taken control of the company, the Financial Times reports.

Chung’s 80-year-old father, longtime Hyundai Chairman Chung Mong-koo, has made the speech for the past 20 years. His son (pictured) was promoted to vice chairman in September, confirming the younger Chung’s stature as heir apparent.
 

Hyundai and its Kia Motors affiliate hope to sell 7.6 million vehicles in 2019 compared with an estimated 7.3 million units last year. The company is expected to report official 2018 results on Jan. 3.

The younger Chung says the biggest challenges facing Hyundai this year will be trade protectionism, softening sales in major markets, the continuing shift in consumer demand from cars to SUV/crossovers and the cost of developing and implementing electrification, connectivity and autonomous-driving technologies.

To help the company respond faster to such challenges, Chung has been restructuring Hyundai’s top-level management and installing younger executives. Last month he unveiled a batch of new assignments that took effect on Dec. 13.