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HD Hyundai Chairman Kwon Oh-gap re-elected for another 3 years

Kwon On-gap, chairman and chief executive officer (CEO) of HD Hyundai Co., the holding company of South Korea’s Hyundai Heavy Industries Group, will lead the country’s top shipbuilder for another three years after he was re-elected by the shareholders on Tuesday.

According to HD Hyundai, the agenda to re-elect Kwon as chairman and CEO was approved by its shareholders. HD Hyundai is the holding company of Hyundai Heavy Industries Group and is led by Kwon and Chung Ki-sun, the eldest son of Hyundai Group founder Chung Ju-young’s son Chung Mong-joon, as co-CEOs.

The latest re-election has solidified Kwon’s position as a professional manager of the shipbuilder for two generations of the older and younger Chung.

Kwon joined Hyundai Heavy Industries Co. in 1978 and rose to chairmanship.

Mong-joon, chairman of Asan Foundation, picked Kwon as the CEO of Hyundai Oilbank Co., the petroleum and refinery unit of HD Hyundai, in 2010, after recognizing his capacity as a business leader.

When Kwon took his role, Hyundai Oilbank’s business lagged behind that of its rivals SK innovation Co. and GS Caltex Corp. The company, however, became one of the country’s leading refiners under Kwon’s leadership by advancing into new business sectors such as those involving petrochemicals, lubricating oil, and oil storage.

Industry insiders note that Kwon has earned trust from the Chung family not only for his management skills but also for his prudent and modest demeanor. He also holds the task of supporting the younger Chung at the helm of the group, sources said.

Hyundai Heavy Industries Group has been managed under a professional manager since its founder Ju-young and Asan Foundation Chairman Mong-joon engaged in politics. It is undergoing a transition to an owner management system for the first time in 30 years.
Source: Pulse

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