HD Hyundai brings forward executive appointments, targeting both safety and new businesses

HD Hyundai, led by Chairman Kisun Chung, has put Lee Sang-kyun, vice chairman of HD Hyundai Heavy Industries, in charge of the group’s shipbuilding business. He will oversee the business across affiliates including HD Korea Shipbuilding & Offshore Engineering (HDKSOE), HD Hyundai Heavy Industries and HD Hyundai Samho. The appointments appear intended to strengthen coordination among affiliates and develop future growth drivers in preparation for uncertainty in the shipbuilding market.
HD Hyundai said on the 7th that it had made its 2026 executive appointments, including naming Lee Sang-kyun as vice chairman in charge of the shipbuilding business. The appointments were made a month earlier than the usual timing in November, and even earlier than last year, when the company moved quickly in light of a potential merger between affiliates. The move signals a determination to proactively strengthen its ability to respond to the possibility of another downturn in the shipbuilding industry.
Lee became CEO of HD Hyundai Heavy Industries in 2021 after serving as CEO of HD Hyundai Samho and head of HD Hyundai Heavy Industries’ shipbuilding and offshore business. He was promoted to vice chairman in October last year. He also serves as chair of the Korea Offshore & Shipbuilding Association (KOSHIPA).
Lee will draw up plans to strengthen the capabilities of each shipbuilding affiliate and strategies for responding to challenges, while coordinating their operations efficiently. His role will include setting the broader direction in light of uncertainty in the shipbuilding market, particularly preventing overlapping investment during boom times and preparing proactively for the next supercycle. Forecasting new ship orders has become more difficult recently, as demand is driven not only by cycles in the global economy but also by geopolitical factors, including the wars in Ukraine and Iran. Intensifying competition from China is adding to the uncertainty.
Joining Lee as co-CEO of HD Hyundai Heavy Industries will be Cho Min-su, the company’s head of its shipbuilding business. Cho has been promoted from executive vice president to president and is set to take charge of safety as CEO. As a field expert, he is expected to strengthen the company’s safety management capabilities.
Putting Cho in charge of safety also means strengthening the authority of executives responsible for safety, following serious industrial accidents this year. Under the leadership of Lee and Cho, President Geum Seok-ho will focus on overseeing management support.
A HD Hyundai representative emphasized, “These appointments demonstrate our commitment to strengthening the group’s core shipbuilding business while making on-site safety our top priority.”
In addition to the existing shipbuilding business, Lee will also lead new ventures such as power-generation engines for AI data centers and small modular reactors (SMRs). HD Hyundai Heavy Industries supplies its independently developed HiMSEN marine engines for use in data center power-generation facilities. In the SMR field, an SMR maritime technology demonstration center has been launched with 12 organizations, including major companies and universities in South Korea’s shipbuilding and nuclear power sectors. The company is targeting the growing markets for engine-based power generation and next-generation energy, as electricity demand surges in the AI era.
HD Hyundai Heavy Industries had previously announced plans to invest 833.6 billion won in a new production base for HiMSEN engines with a capacity of 3 GW, and 238.6 billion won to build a dedicated factory for manufacturing SMR main equipment. Construction on both projects is scheduled to begin in the first half of next year. The HiMSEN engine production base will be capable of manufacturing about 150 units a year and is scheduled for completion in May the year after next. The company aims to complete the factory for key SMR components in April 2029.
Han Joo-seok, president of the Engine & Machinery Division at HD Hyundai Heavy Industries, will take the lead in developing new businesses under Lee. Han, who joined the Engine Division in 1994, is regarded as an expert with broad experience in marine engine design, research and development (R&D), production and sales. He will help grow the new data center engine business, starting with the construction of the HiMSEN engine production base. He is also expected to expand cooperation with the group’s engine affiliates, including HD Hyundai Marine Engine and HD Hyundai Engine.
A HD Hyundai representative said, “We will maintain shipbuilding’s standing as a world-leading industry and grow into a sustainable business through continuous efforts to strengthen our competitiveness.”
Park Chan-hyuk, who was appointed co-CEO of HD Hyundai XiteSolution alongside Chairman Kisun Chung, was also promoted from vice president to president. With expertise in production and quality built through years on construction equipment production lines, he has served as head of overseas subsidiaries in Europe and China, as well as head of the Global Production Division and the Quality and Production Strategy Division. HD Hyundai XiteSolution is increasing its industrial vehicle production capacity to 24,000 units a year as it completes the modernization of its Ulsan plant, an investment of 93 billion won.
[email protected] Kim Yun-ho Reporter