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Hyundai Heavy Industries Holdings Co. reveals move to change its name to HD Hyundai. The name change also comes as the company will now be running under the new leadership that will be passed down to the third generation of the family line.
According to The Korea Economic Daily, HD Hyundai is expected to briskly pursue investment opportunities such as mergers and acquisitions (M&A) with its name change. The company is also looking to transform its shipbuilding company into an organization that is focused on new growth drivers.
It was reported that the company's board of directors gave their permission for the change of Hyundai Heavy Industries Holdings' name to HD Hyundai. The decision was then finalized on Monday, March 28, during the shareholders' meeting.
HHI explains that the HD in the name means "human dreams," which is the group's determination to achieve its goals by using "human dynamics." The company's shareholding structure includes three core businesses which are energy, shipbuilding, and industrial machinery, under the names Hyundai Oilbank Co., Korea Shipbuilding & Offshore Engineering (KSOE), and Hyundai Genuine Co., respectively.
In any case, setting about changes from management to business strategy, HHDI also appointed a new CEO along with the new name. The founder of the company's grandson, Chung Ki Sun, has been appointed as the new chief executive officer during Monday's shareholders' meeting.
Chung's appointment also completes the shift in leadership to the third generation, who will continue the business line of South Korea's largest shipbuilder. As per Pulse News, Chung Ki Sun is the eldest son of Chung Mong Joon, the founder's Chung Ju Young's son.
The shareholders of HHI Holdings approved Ki Sun's appointment. The group also tapped an outsider, Jisoo Lee, a lawyer at Kim & Chang law firm, to be a director and member of the auditor committee. The new CEO was inaugurated on the same day as the meeting, and he will now lead HHI Holdings or HD Hyundai with co-CEO and chairman Kwon Oh Gap.
"Celebrating the 50th anniversary of the group, we now are aiming to create a new value with innovation for the next 50 years," Kwon said in his opening speech to shareholders. "Under the new corporate name of HD Hyundai, the company will actively explore new growth engines for the entire group by bolstering new role as an investment holding entity."
