[CEONEWS=By Lee Jae-hoon, CEO & Publisher] CEO & Publisher Lee Jae-hoon's 'X-File' spotlights HD Hyundai Asan Foundation Chairman Chung Mong-joon in its seventh investigative feature. Following the explosive reader response to episodes 1 through 6, which tracked the giants who reshaped Korea's industrial landscape, this seventh installment conducts an in-depth analysis of Chairman Chung's management philosophy. We explore his 37-year journey as the 'son of Chung Ju-yung,' a 'seven-term lawmaker,' and the 'architect of the world's No. 1 shipbuilding empire,' and examine the 'succession puzzle' he meticulously completed. This report dissects everything from his background, the M&A myths that transformed Hyundai Heavy Industries into the vast 'HD Hyundai' technology and energy solutions group, his future strategies centered on ESG and AI, and the finally unveiled vision for the third-generation of leadership.
■ The 'Founding Chairman's' 6th Son, Standing on the Border of Politics and Business
The life of Chung Mong-joon, Chairman of the HD Hyundai Asan Foundation, runs parallel to the history of 'Hyundai' itself. Born in 1951 as the sixth son of the late Chung Ju-yung, founder of the Hyundai Group, he followed an elite path, graduating from Seoul National University with a degree in Economics and earning an MBA from MIT.
His background is more than just a 'second-generation chaebol heir.' While his father, the 'Wang Hoijang' (Founding Chairman), led Korea's industrialization, Chung learned management firsthand at the group's core sites alongside his brothers (including Chung Mong-koo, Honorary Chairman of Hyundai Motor Group). His appointment as President of Hyundai Heavy Industries (HHI) in 1982, at the young age of 31, was not simple succession but a calculated decision by the 'Wang Hoijang.' At the time, HHI was the group's foundation and core, but it also faced immense challenges, including inefficiency due to its vast scale and labor issues.
Chairman Chung's success story can be summarized by 'selection and concentration' and 'maintaining distance.' When he entered politics in 1988, he stepped down as HHI Chairman and was named Honorary Chairman. This signaled the beginning of a 'professional management system' that would last 37 years. While seemingly pursuing external affairs in politics (seven-term National Assembly member, Hannara Party leader) and sports diplomacy (FIFA Vice President), he never let go of the group's major steering wheel as its largest shareholder (current stake approx. 26.6%).
Instead of managing daily operations, he empowered professional managers like Chairman Kwon Oh-gap (now Honorary Chairman), taking on the role of a 'kingmaker' or 'architect' who painted the big picture for the group's structural reform and future growth engines.
■ M&A Mastermind, Turning a 'Shipyard' into a 'Total Solution' Group
The business performance of HD Hyundai, as designed by Chairman Chung Mong-joon, was built on two pillars: 'M&A' and 'business spin-offs.' His management philosophy did not rest solely on traditional shipbuilding.
The first pillar of this success story is undeniably M&A. The 2021 acquisition of Doosan Infracore (now HD Hyundai Infracore) is regarded as a 'masterstroke.' Through this 850 billion won big deal, HD Hyundai created synergy with its existing HD Hyundai Construction Equipment, instantly completing a global Top 5-level construction machinery portfolio. This was a decisive moment that diversified the group's business focus beyond being a shipbuilding 'one-trick pony' into construction machinery and energy solutions (HD Hyundai Electric).
The second pillar was the spin-off and listing of 'blue-chip businesses.' 'HD Hyundai Marine Solution,' which he spearheaded the establishment of in 2016 and successfully listed in 2024, demonstrates his foresight. This company, which pioneered the 'blue ocean' of the ship after-sales service (AS) market, surpassed a 10 trillion won market capitalization upon listing and established itself as a core cash cow for the group.
These strategic moves led to astonishing business results. In 2024, HD Hyundai recorded its highest-ever performance, with consolidated sales of 67.7656 trillion won and an operating profit of 2.9832 trillion won. The shipbuilding division (HD Korea Shipbuilding & Offshore Engineering) announced a complete revival with a 408% year-on-year surge in operating profit, and HD Hyundai Electric also posted record earnings thanks to the boom in the North American market. It was a moment when 'Chung Mong-joon's determination' broke through the tunnel of recession and shone brightly.
■ ESG and AI, a 'Great Transformation of the Sea' Towards the Future
Chairman Chung Mong-joon early on embedded the keywords 'ESG' and 'AI (Artificial Intelligence)' into the group to shed its 'heavy' industrial image.
ESG management is now part of HD Hyundai's core DNA. Symbolically, HD Hyundai Electric received a comprehensive 'A+' grade from the Korea Institute of Corporate Governance and Sustainability (KCGS) in 2024. The group has prioritized safety management with a goal of 'zero serious accidents' since 2022 and is taking the lead in realizing 'eco-friendly' values, such as expanding its renewable energy usage to 10% by 2025. This is not just a slogan; it is linked to mutual growth with partners and establishing a transparent governance structure.
The AI strategy is HD Hyundai's future itself. Under the 'Ocean Transformation' vision, Chairman Chung has powerfully driven the 'FOS (Future of Shipyard)' project, which aims to convert traditional shipyards into 'smart shipyards based on data and AI.' This strategy goes beyond simple process efficiency; it aims to preoccupy future maritime standards by developing autonomous vessel navigation systems and building a marine data platform. Maximizing industrial site safety and efficiency by fusing AI and robotics technology is the blueprint drawn by Chairman Chung.
■ A Return After 37 Years, the Official Opening of the 'Chung Ki-sun Era'
In October 2025, the HD Hyundai Group made a major announcement that shook the Korean business world. Chung Ki-sun (43), the eldest son of Chairman Chung Mong-joon and previously Senior Vice Chairman, was formally promoted to Group Chairman. This marked a return to 'owner management' 37 years after Chung Mong-joon stepped back from daily operations for politics in 1988, and it declared the official opening of HD Hyundai's '3rd-generation management.'
It was the moment the final piece of the succession puzzle was put in place. The new Chairman, Chung Ki-sun, graduated from Yonsei University (Economics) and Stanford University (MBA), and gained practical experience at the global consulting firm Boston Consulting Group (BCG). Since rejoining HD Hyundai (then Hyundai Heavy Industries) in 2013, he has served as the group's core brain.
His succession was thoroughly based on 'performance' and 'verification.' He personally led the major projects mentioned earlier: the establishment and successful IPO of HD Hyundai Marine Solution and the M&A of Doosan Infracore. This demonstrates that he inherited management control not through 'his father's halo' but through 'his own capabilities.' In effect, Chung Mong-joon used the 37-year professional management system to stabilize the group while buying time for his son to accumulate sufficient experience and achievements within it.
■ The 'Chung Ki-sun Helm,' Future Vision and a New Voyage
The future vision for the 'HD Hyundai,' led by the new Chairman Chung Ki-sun, is clear: the completion of the 'Ocean Transformation.'
Upon taking office, Chairman Chung set 'technological innovation' as the top priority for preparing for the future. His vision can be summarized in three points:
▲ Securing Unmatched Technology (AI & Digital): Accelerating the 'FOS' project to transform shipyards into smart yards based on a perfect digital twin, and speeding up the commercialization of autonomous navigation technology. ▲ Building an Eco-Friendly Energy Value Chain: Beyond leading next-generation ship fuel technologies like hydrogen and ammonia, the strategy is to dominate the entire 'decarbonized' energy value chain, including the development of next-generation Small Modular Reactors (SMRs) in partnership with Bill Gates. ▲ Expanding Global Strategy (K-Defense & US Market): While strengthening the global position of existing shipbuilding and construction machinery businesses, he aims to lead the growth of 'K-Defense' by re-entering the US market (e.g., MASGA project) and investing in the naval vessel sector.
Chairman Chung Mong-joon built an unsinkable battleship: the 'world's No. 1 shipyard.' Now, his son, Chairman Chung Ki-sun, has taken the helm after 37 years with the critical mission of transforming this giant into a 'future-oriented solutions company' that embraces AI and green energy. HD Hyundai's true 'voyage into the future' has only just begun.
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