South Korea’s largest shipbuilder Hyundai Heavy Industries Co. that has been put under emergency management to fight back dwindling ship orders amid a slowdown in the global economy and low oil prices reshuffled its top executives on Monday, appointing Kang Hwan-goo, 61, chief executive and president of its affiliate Hyundai Mipo Dockyard Co. as its new head.

Kang will replace Choi Kil-seon, 70, who will only retain his chairman role at the shipbuilder, while Kwon Oh-gap, 65, chief executive and president of Hyundai Heavy Industries, will continue to lead the company as co-chief executive with Kang. Kwon was also promoted to vice chairman.

According to an unnamed official from Hyundai Heavy Industries, with new management built on generation change, the shipbuilder, which is also the world’s largest, is gearing up to move to the next stage of its restructuring plan to overcome the current industry-wide slowdown after wrapping up its self-rescue plan orchestrated under the co-leadership of Choi and Kwon.

Kang is expected to focus on internal management of Hyundai Heavy Industries’ headquarters in Ulsan including overall production, design, and safety, while Kwon will likely be in charge of wider group affairs including promoting business reform to counter the rapidly changing external environment, setting future strategies, and dealing external matters.

With Choi stepping back from management, all working-level executives at Hyundai Heavy Industries are now younger than Chung Mong-joon, the company’s largest shareholder and chairman of the Asan Foundation, non-profit organization that was founded by the late Chung Ju-yung, founder of the Hyundai empire, in late 1970s.

During the reshuffle, the company also promoted Han Yeong-seok, vice president and head of shipbuilding production at Hyundai Heavy Industries, to chief executive and president of Hyundai Mipo Dockyard, as well as managing directors Jang Gi-don as head of engine machinery business, Gong Gi-yeong as head of construction equipment, and Cho Yeong-cheol as head of the Seoul office and chief financial officer. They were all promoted to vice president positions. Joo Won-ho, director at Hyundai Heavy Industries, was also named as managing director and head of the company’s research and development center.

By Park Yong-beom

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]