Hyundai Heavy Industries Group has appointed Vice Chairman Kwon Oh-gap as the group’s new chairman, according to the firm on Tuesday.

The new leader, who joined Hyundai Heavy in 1978, served as director of the firm’s London and Seoul branches and president of Hyundai Heavy Industries Sports. 

Kwon was the first president of the group’s refinery unit Hyundai Oilbank in 2010. He was recognized for his management ability by growing the company’s operating profit of 130 billion won ($111 million) to 1 trillion won.

In 2014, he served as the CEO of Hyundai Heavy Industries and head of group planning, laying the foundation for the company’s normalization by reorganizing its noncore businesses and promptly implementing various reforms including asset sales. Since 2018, he has served as vice chairman of Hyundai Heavy Industries Holdings.

HHI group said, “The appointment reflects the growing uncertainty in the global economy and the demand for leadership in addressing various issues such as the acquisition of Daewoo Shipbuilding & Marine Engineering.” 

By Shin Ji-hye (shinjh@heraldcorp.com)