Seoul, South Korea - HD Hyundai has strengthened its owner-led management structure with the promotion of Jeong Ki-sun to Executive Vice Chairman. The appointment, announced on November 14, positions Jeong as the heir apparent to his father, Chung Mong-joon, chairman of the Asan Foundation, and is expected to accelerate the group's leadership transition.

Jeong, who is the second-largest individual shareholder of HD Hyundai with a 6.12% stake, will take on a more active role in the group's management. He is expected to spearhead key initiatives, drive innovation in green and digital technologies, and foster a new corporate culture.

With this promotion, just a year after being appointed as Vice Chairman, Jeong is now poised to lead HD Hyundai. Given Chung Mong-joon's distance from active management, Jeong is expected to take the helm of the group as the eldest son.

Under Jeong's leadership, HD Hyundai is anticipated to increase investments in its shipbuilding and power equipment businesses, which have been experiencing strong growth. The company is also likely to invest more in developing new technologies to drive the green transition, a focus area for Jeong.

HD Korean Shipbuilding, the group's shipbuilding holding company, reported a significant increase in both sales and operating profit in the third quarter, driven by a higher proportion of high-value ships and improved productivity.

In addition to Jeong's promotion, other key appointments were made. Jo Seok, President of HD Hyundai Electric, was promoted to Executive Vice President, reflecting the strong performance of the company. HD Hyundai Samho Heavy Industries appointed Kim Jae-eul, Executive Vice President of HD Hyundai Heavy Industries' Shipbuilding Division, as its new president. And Song Myung-jun, Executive Vice President of HD Hyundai's Finance Division, was appointed as president of HD Hyundai Oilbank, alongside Jeong Im-ju, who will serve as co-CEO.

HD Hyundai attributed these executive changes to the need to respond to the rapidly changing business environment, including the aftermath of the U.S. presidential election, the ongoing Ukraine war, and fluctuations in oil prices and exchange rates.

Jeong Ki-sun joined Hyundai Heavy Industries in 2009 and has held various key positions within the group. He holds a degree from Stanford University's Graduate School of Business and worked as a consultant at Boston Consulting Group before rejoining Hyundai Heavy Industries in 2013.

With Jeong at the helm, HD Hyundai is poised to enter a new era of growth and innovation.

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