Hyundai Motor Group has promoted chairman Chung Mong-koo's son, Chung Eui-sun, to a role of overseeing the company in a move that takes the succession at the top of Korea's largest automaker a little closer.
Chung, 47, is appointed as executive vice chairman to assist his octogenarian father to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement.
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"In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Chung Mong-koo," the statement said.
Hyundai is battling lower profits and slower sales in China and the US, two key growth markets for the company. Hyundai Motor has posted a first half decline of 37.1% to operating profit as it was hit by a strong Korean currency and higher costs.
The company plans to improve its product mix with a focus on expanding production and sales of SUV models.
See also: Hyundai Motor profit down 37% in H1 2018
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