Hyundai Heavy Industries (HHI) Group promoted Vice Chairman Kwon Oh-gap to Chairman on November 19.

Since joining the Plant Marketing Department of HHI in 1978, Mr. Kwon served as Director of HHI’s London branch, President of HHI Sports, Director of the Seoul Office of HHI, and the first President of Hyundai Oilbank in 2010. After serving as CEO of HHI and Head of Group Corporate Planning in 2014, he has served as Vice President of HHI Holdings since 2016.

Under his presidency, Hyundai Oilbank raised operating profit from KRW 130 billion to a whopping KRW 1 trillion thanks in large part to Mr. Kwon’s outstanding executive skills evident in his daring investments, innovation of the organizational culture and trademark leadership style based on face-to-face communications with all employees. After he took office as CEO of HHI and Head of Group Corporate Planning in 2014 when the company was facing challenges, he laid the foundation for business normalization by reorganizing non-core businesses based on his bold determination and strong drive and implementing various reform measures in a prompt manner including asset sales.

He went on to split non-shipbuilding businesses, such as Hyundai Construction Equipment, Hyundai Electric, Hyundai Robotics and Hyundai Energy Solutions, thereby paving the way for their standalone operations, and finalized the switch to the current holdings company structure successfully. Recognized for his effective leadership in driving changes and innovation for the group, Mr. Kwon was promoted to Vice Chairman in 2016.

Based on the belief that the group needs to put dedicated efforts for higher competitiveness in technology and quality in order to safeguard the Korean shipbuilding industry’s standing as the global No.1, Mr. Kwon also led the establishment of the Global R&D Center (GRC) in Pangyo, Gyeonggi Province, which will take charge of enhancing the group’s technological competitiveness down the road. Early this year, the new Chairman once again took the lead of innovating the Korean shipbuilding industry by signing an agreement with Korea Development Bank to acquire Daewoo Shipbuilding & Marine Engineering (DSME).

“The increasing uncertainty over the global economy and numerous issues facing the group, such as the acquisition of DSME, require stronger leadership than ever,” said an HHI Group source. The official also added, “as the top executive of the group, the new Chairman will fully demonstrate his leadership that is commensurate with the issues we are facing.”