According to a news report from South Korea’s Yonhap news agency, Hyundai Motor Group’s executive vice chairman Euisun Chung is set to become its chairman on Wednesday.
The development sees Euisun Chung formally taking over the reins of the car company from his octogenarian father.
Hyundai Motor is scheduled to hold a board meeting, possibly later today on Wednesday, to promote Chung to the post of chairman in South Korea’s second-largest conglomerate, said Yonhap citing anonymous corporate sources.
Hyundai declined to comment.
Born in 1970, Chung has played a leading role in the carmaker’s push towards the electrification of its vehicles and towards hydrogen cars.
In July, he announced Kia Motors, Hyundai’s sister company, aims to sell 1 million electric vehicles (EVs) in 2025, jointly targeting more than 10% share of the global EV market.
Earlier this year, Chung’s father and group patriarch Mong-Koo Chung gave up his seat at the carmaker’s board after stepping back from front line operations in recent years. Since 2018, Euisun Chung has played an increasingly visible leadership role in the company.