Hyundai Heavy Industries Group, the parent company of Hyundai Construction Equipment and Hyundai-Doosan Infracore, made a number of changes to its executive ranks, according to a report by The Korea Times on November 2.
Hyundai Doosan Infracore Vice President Lee Dong-wook was promoted to president and named the CEO of Hyundai Genuine.
Hyundai Genuine, an intermediary holding company, was established following the Hyundai Heavy Industries Group's purchase of Doosan Infracore in August 2021. Hyundai Construction Equipment and Hyundai-Doosan Infracore have continued to operate independently while Hyundai Genuine provides support to both businesses. Hyundai-Doosan Infracore announced plans to rebrand with a new name at Conexpo-Con/Agg 2023.
Based on his past experience at Volvo Construction Equipment and Doosan Infracore, Hyundai Construction Equipment Vice President Choi Cheol-gon was promoted to president. Cheol-gon has vast experience in manufacturing- plant innovation, according to the report. He will be responsible for driving Hyundai Construction Equipment's product innovation and smart factory transformation.
Other moves include the promotions of Kim Hyung-kwan to CEO of Hyundai Mipo Dockyard and Shin Hyeon-dae to CEO of Hyundai Samho Heavy Industries. Hyung-kwan previously served as vice president of Hyundai Samho Heavy Industries. Hyeon-dae was Hyundai Mipo Dockyard CEO.
"The reason that the CEOs of Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries changed positions with each other was to enhance the strengths of both companies and make up for shortcomings," an official from Hyundai Heavy Industries told The Korea Times. "The move aims to enhance synergies with Infracore and further strengthen the technology development capabilities of both companies."