43-year-old new leader to steer restructuring, expand US presence through MASGA project amid global shipbuilding rivalry
Chung Ki-sun, the third-generation heir of the Hyundai group’s founding family, has been promoted to chairman of HD Hyundai, taking the helm of the world’s largest shipbuilder by capacity amid intensifying global competition and a rapidly evolving technological landscape.
HD Hyundai announced Friday that Chung had been promoted in a major leadership reshuffle, less than a year after being appointed senior vice chairman in November 2024.
Currently serving as co-CEO of HD Hyundai and HD Korea Shipbuilding & Offshore Engineering, Chung will also assume the role of co-CEO at HD Hyundai Site Solution, where he will oversee restructuring of the group’s construction equipment division and spearhead efforts to secure new growth drivers.
The 43-year-old grandson of Hyundai Group founder Chung Ju-yung and eldest son of Asan Foundation Chairman Chung Mong-joon holds a bachelor’s degree in economics from Yonsei University and an MBA from Stanford University.
He began his career in 2009 in Hyundai Heavy Industries’ finance division and has since accumulated extensive experience, serving as head of HD Hyundai’s management support office, head of ship sales at HD Hyundai Heavy Industries, and CEO of HD Hyundai Marine Solution.
Chung has played a central role in reshaping the group’s business portfolio. He founded HD Hyundai Marine Solution in 2016, integrating ship engineering and services into a core unit now valued at 11 trillion won. In 2021, he led the acquisition of Doosan Infracore, establishing construction machinery as a new growth pillar for the company.
As a forward-looking strategist, he chaired the group’s Future Committee, leading the digital transformation of shipbuilding through artificial intelligence, digital twin, autonomous navigation, and eco-friendly propulsion technologies. Known for his global perspective, he has also expanded cooperation with US partners in shipbuilding and energy.
The timing of Chung’s promotion has drawn attention as it coincides with HD Hyundai’s large-scale restructuring. The group plans to merge HD Hyundai Heavy Industries and HD Hyundai Mipo in December 2025, and unite HD Hyundai Infracore and HD Hyundai Construction Equipment early next year under HD Construction Equipment.
The consolidation of the two key pillars — shipbuilding and construction machinery — is designed to strengthen global competitiveness. HD Hyundai is expanding in the US shipbuilding market through the Make American Shipbuilding Great Again (MASGA) project, and plans to establish a local corporate entity there, while targeting 14 trillion won ($9.9 billion) in construction equipment revenue by 2030.
Industry observers view the early reshuffle, made ahead of the planned mergers, as a signal that HD Hyundai aims to accelerate execution and reinforce Chung's leadership to drive its next phase of growth.
As Chung assumes the chairmanship, current Chairman Kwon Oh-gap has been named honorary chairman and will step down as CEO after the group’s annual shareholders meeting in March next year.
In the broader reshuffle, Lee Sang-kyun, president of HD Hyundai Heavy Industries, and Cho Young-cheul, president of HD Hyundai Site Solution, were both promoted to vice chairman. Cho will serve as co-CEO of HD Hyundai alongside Chung.
At HD Hyundai Heavy Industries, Executive Vice President Keum Seok-ho was promoted to president and appointed co-CEO with Lee.
In shipbuilding, HD Hyundai Mipo President Kim Hyung-kwan has been named co-CEO of HD Korea Shipbuilding & Offshore Engineering with Chung. For the construction equipment business, Executive Vice President Moon Jae-young of HD Hyundai Construction Equipment was elevated to president and appointed CEO of HD Construction Equipment, the newly integrated version of which will be launched next year.
The appointments will take effect following approval at the group’s board and shareholder meetings.
“This reshuffle reflects the group’s determination to open a new era under renewed leadership amid fierce global competition and fast-changing business conditions,” an HD Hyundai official said.
“By harmonizing the experience of senior management with the drive of new leaders, HD Hyundai will strengthen its core businesses, accelerate innovation, and solidify its status as the world’s leading comprehensive heavy industries group.”
hyejin2@heraldcorp.com
