Hyundai Motors promoted executive vice chairman Chung Eui-sun to group chairman during a board meeting on Wednesday.
It is the automobile giant’s first handover in 20 years.
The 49-year-old Chung will replace his father, Chung Mong-koo, who will now transition to an honorary chairman role.
Hyundai Motor Group and sister company Kia Motors combined are the world’s fifth-largest automobile maker.
The younger Chung has played an active leadership role in the company since 2018 when he was named as executive vice chairman. In March this year, he was appointed chairman of the board.
Chung has led Hyundai’s push into the electric vehicles sector, having launched the popular Kona EV brand, expanded the company’s presence within the mobility sector, and invested $275 million into car-sharing Grab.
In his inauguration address to employees, Chung said every action performed by Hyundai Motors would be dedicated toward making customers its core focus.
He also vowed that Hyundai would create environmentally friendly transportation offerings that are easy for customers to use, such as hydrogen cars.
Chung added that Hyundai going forward would develop the most innovative autonomous driving technology in the world.
The automobile giant will also look to unveil products for robotics, urban air mobility, and smart cities faster, Chung said.
In 2018, LG Group named its new chairman as Koo Kwang-mo after his father and previous chairman Koo Bon-moo passed away. Meanwhile, Samsung’s de facto boss Lee Jae-yong said earlier this year that he would not pass on the managerial rights of the company to his children due to his role in a national corruption scandal.
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