Hyundai Motor Co. will likely promote its chairman’s only son, Chung Eui-sun, to head the auto parts subsidiary Hyundai Mobis, industry sources told the Korea Herald.

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The 35-year-old Chung, appointed last week as one of the three presidents of affiliate Kia Motors Corp., took office on Monday, the paper said, adding that the younger Chung has been the senior executive vice president of both Kia and Hyundai Mobis Co. for the past two years.


“It would be strange for a Kia president to remain as senior executive vice president of an affiliate,” a Hyundai official told the Korea Herald.


The report added that company, however, said it has not made any final decisions yet. His promotion to the helm of Kia reportedly stirred speculation that Chung Mong-koo is preparing to hand over control of the country’s fourth-largest business group.


Hyundai Mobis is the holding company of Hyundai Motor with a 14.6% stake and the elder Chung holds about 8% of Hyundai Mobis, the paper said.

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According to the Korea Herald, Chung Eui-sun is the main shareholder of Hyundai’s three unlisted partner companies, owning 25% of vehicle plant builder Amco Corp., 34% of logistics firm Glovis Co. and 30% of car electronics maker Bontec – he has also acquired nearly 1% of Kia Motors.


The newspaper noted that the chairman’s son took the lead in some of the group’s major projects last year such as the launch of Hyundai’s Morning compact hatchback and resolving a land dispute over Kia’s plant site in Slovakia.


Industry watchers say there is a possibility that Eui-sun, along with his brother-in-law and cousin who were also promoted as presidents of affiliated companies, will be named as chairmen of their respective boards at shareholders’ meetings in March, the Korea Herald said.