Chung Eui-sun, the heir apparent to the Hyundai Motor conglomerate, has been appointed vice chairman of the group's steelmaking unit Hyundai Steel. He is the only son of group chairman Chung Mong-koo. His new position enables him to strengthen his hold on the group that controls the vehicle manufacturer, as it puts him in line to replace his father as the group's overall boss.
When combined, Hyundai Motor and affiliate Kia Motors represents the fifth biggest vehicle manufacturer in the world in terms of volume. They have also snatched market share from its European, American and Japanese rivals. Many of the huge family-owned conglomerates or "chaebol" that dominate South Korean business are preparing a succession to the third generation of the families, which founded them.
Hyundai Motor Group was established out of the Hyundai Group, which was split in 2000. Currently, the group has 61 units. In 1994, Chung joined parts affiliate Hyundai Mobis, serving as a deputy manager. He then moved up the corporate ladder, and became president at Kia Motors between 2005 and 2009. At that time, he was credited with leading the design and sales improvement at the vehicle manufacturer.
In 2009, he was promoted to a vice chairman of Hyundai Motor CEO Chung Sun-sup at chaebul.com, an online source of information on Korean conglomerates, commented that Chung Eui-sun's capability was acknowledged when he was president at Kia. He added that other third-generation (chaebol) leaders have not "clearly" shown their capability to manage. [source: Autonews]