April 25, 2024

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[THE INVESTOR] Hyundai Motor Vice Chairman Chung Eui-sun is cited as a hybrid between his grandfather Chung Ju-young, who founded Hyundai Group, and his father Chung Mong-koo, who is the incumbent chairman of Hyundai Motor Group.

Those close to Chung Eui-sun say that while he has his own flavor of patience and perseverance, he seems to have inherited the love of challenge from his grandfather and from his father, an unwavering drive. 

Hyundai Group fouder Chung Ju-young.  Hyundai Motor Group

At the same time, Chung Eui-sun is cited as being quite modest and level-headed.

In fact, he is one of the few third generation conglomerate heirs without a scandal to his name, and who rarely makes headlines except regarding company matters.

Chung first joined the precursor to Hyundai Mobis in 1994. He left to further his studies in the US after just a year, and after he received his degree, worked for two years at the New York branch of Japanese trading firm Itochu before returning to Korea.

Hyundai Motor Group Chairman Chung Mong-koo. Hyundai Motor Group

 

In 1999, he was named purchasing head for Hyundai Motor, then went onto hold a number key positions, such as head of planning and strategies and domestic sales.

From 2005 to 2009, Chung Eui-sun was the head of Kia Motors. Since 2009, he has been vice chairman of planning and sales for Hyundai Motor.

Despite his solid reputation, industry watchers predicted it would take some time before he could take over the group. 

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Chung currently holds a 23.39 percent stake in Hyundai Glovis, a 2.28 percent stake in Hyundai Motor, a 1.74 percent stake in Kia Motors, a 2 percent stake in Innocean and a 1.95 percent stake in Hyundai Wia.

Gaining shares in Hyundai Mobis, the key to controlling Hyundai Motor Group, is essential for Chung. 

Hyundai Motor Vice Chairman Chung Eui-sun(left). He is the Chairman of Korea Archery Association.  The Investor

That means he has many more tasks ahead, such as by selling his stakes in other affiliates to hoard up on cash to buy the Hyundai Mobis shares, or pursuing mergers and acquisitions of sorts between Hyundai Glovis and Hyundai Mobis.

By Kim Ji-hyun (jemmie@heraldcorp.com) Cheon Ye-sun (cheon@heraldcorp.com)