HD Hyundai carried out regular executive appointments on October 7, focusing on adjusting the co-CEO system at HD Hyundai Heavy Industries.
HD Hyundai announced on the same day that it has established a new “shipbuilding business headquarters” at HD Hyundai Heavy Industries and appointed Vice Chairman Lee Sang-kyun, CEO of HD Hyundai Heavy Industries. Cho Min-soo, Vice President and head of shipbuilding at HD Hyundai Heavy Industries, was also promoted to president and appointed as co-CEO alongside Vice Chairman Lee.
Vice Chairman Lee, who previously oversaw only HD Hyundai Heavy Industries’ operations, will now oversee all group shipbuilding affiliates, including HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho. He will coordinate business strategies and key issues across companies and manage new growth businesses such as engine power generation for data centers and small modular reactors (SMRs) being pursued by the holding company and affiliates. This is understood to reflect the company’s intention to more closely manage the competitiveness of the shipbuilding industry, including future businesses, in light of growing domestic and international uncertainties such as the recent Middle East war, exchange rate declines, and labor-management conflicts.
The promoted Cho Min-soo, the new CEO and president, was born in 1966 and is expected to be responsible for overall safety management at the shipyard. He is considered a field expert who has primarily handled production and safety responsibilities at shipyards since joining the company. This year, HD Hyundai Heavy Industries saw safety accidents, including the deaths of 3 people, and it was reported that appointing a CEO familiar with the field was a response to this issue. Former co-CEO Geum Seok-ho, who previously handled both safety management and business support, has shifted his role to focus on management.
On the same day, Han Joo-seok, Vice President of the Engine Machinery Business Division at HD Hyundai Heavy Industries, was also promoted to president. HD Hyundai Heavy Industries recently identified engine power generation for data centers as one of its new growth engines and is pushing forward with an investment of 830 billion Korean won. President Han is considered an engine expert who has experience in the design, research and development, production, and sales of marine engines.
At an affiliate, Park Chan-hyuk, Vice President and co-CEO of HD Hyundai XiteSolution, was promoted to president. The new president, born in 1962, is considered a leading expert in construction machinery production.
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