In the past, most corporations in Korea moved on the strong leadership and decisiveness of their founders. Samsung led by Lee Byung-chul and Hyundai led by Chung Ju-yung are prime examples. But as they now compete for the top spot in the global market, these corporations have grown so large that it is difficult for a single owner to run them alone. The role of the so-called "keyman," who manages each field from the closest seat to the chief and plays a pivotal role in final decision-making for the future, has become important. We introduce the keymen of major corporations leading Korea's economy and examine the roles and tasks assigned to them. [Editor's note]
Vice Chairman Jang Jae-hoon said this at a briefing after media day for "CES 2026," the world's largest information technology (IT) event, held in Las Vegas on Jan. 5 local time. Hyundai Motor Group highlighted "artificial intelligence (AI) Robotics" as a key new business at this CES and put it front and center. It also announced plans to quickly secure Autonomous Driving technology through strategic collaboration with Nvidia.
The person who presented the blueprint for future businesses on behalf of Hyundai Motor Group and introduced detailed strategies was Vice Chairman Jang. While Chairman Chung Eui-sun was absent after joining President Lee Jae-myung's economic delegation to China, Jang filled the owner's seat as the practical main figure of CES without a gap.
At the briefing, José Muñoz, president of Hyundai Motor, Lee Kyu-seok, president of Hyundai Mobis, and Chung Joon-chul, head of manufacturing for Hyundai Motor and Kia, sat on either side of Vice Chairman Jang. Robert Playter, chief executive officer (CEO) of Boston Dynamics, Hyundai Motor Group's Robotics subsidiary, also attended. Seated at the center of the leadership of major group affiliates and leading the external event, Jang's presence underscored his stature within Hyundai Motor Group.
Vice Chairman Jang is regarded in business circles as the "No. 2 within Hyundai Motor Group." He is not only the group's sole vice chairman, ranking right after Chairman Chung Eui-sun, but also someone who has shared ups and downs with Chung for a long time. He is not a "traditional Hyundai man" who rose through the open recruitment track, but after Chung took office as chairman in Oct. 2020, he played a major role in elevating Hyundai Motor into one of the world's top three automaker groups alongside Toyota and Volkswagen.
◇ Overseeing everything from group operations to the blueprint for future businesses
On Dec. 18, Hyundai Motor Group appointed Jang as "vice chairman in charge of Hyundai Motor Group" through executive appointments. Previously, as vice chairman in charge of complete vehicles, he led the overall business, investment, and strategy of Hyundai Motor and Kia. Now he will oversee the group's future new businesses, including Autonomous Driving, software-defined vehicles (SDV), and Robotics.
He was promoted to vice chairman in Nov. 2024. He is the first vice chairman appointed under Chairman Chung Eui-sun's system, which began in 2020.
Honorary Chairman Chung Mong-koo had multiple vice chairmen in areas such as planning, research and development (R&D), and labor. But when Chung Eui-sun became executive vice chairman in 2018, he had all the then-vice chairmen step down and did not appoint a vice chairman for some time.
Since his promotion, Jang has been appearing at various events as Hyundai Motor Group's representative, raising his profile. While Chung mainly attends national or business community-level events with other top group chiefs such as Samsung Electronics Chairman Lee Jae-yong and SK Chairman Chey Tae-won, Jang attends those related to business or social contributions, dividing roles.
Most of the major businesses Hyundai Motor Group is pursuing are also being driven by Jang. A representative field is hydrogen. Since Chung took office, Jang has been in overall charge of the hydrogen sector, where Hyundai Motor Group has been making large-scale investments. Last year, he also served as co-chair of the Hydrogen Council, a coalition of global CEOs in the hydrogen economy.
◇ College alumni with Chairman Chung Eui-sun… playing the role of "mentor"
Jang joined Hyundai Motor Group in 2011 when he was appointed head of global business at Hyundai GLOVIS as a senior vice president. The following year, he moved to Hyundai Motor as a senior vice president and, after holding key posts across several fields — head of the customer channel service division, head of human resources (HR), head of management support, and head of domestic business — he was promoted to CEO of Hyundai Motor in 2021.
Many analyze that Jang was able to seize real power as the No. 2 just 14 years after joining Hyundai Motor Group because he was a closest aide who could share personal confidences with Chairman Chung Eui-sun.
In age, Jang was born in 1964, six years older than Chung, who was born in 1970. Both attended Gyeongbok Elementary School; Jang graduated from Seoul High School and Chung from Whimoon High School. They also graduated from the same Korea University.
It was also Chung who brought Jang, who had been running a private business, into Hyundai Motor Group. Chung worked as president of Kia and in Aug. 2009 moved to Hyundai Motor as vice chairman in charge of planning and sales. At that time, Jang was the person recruited to draw the blueprint to lead Hyundai Motor Group.
◇ Building international sensibilities through global corporations… changed Hyundai Motor's culture
"Can I wear sweats or shorts to work?"
"Of course. Go ahead. Decide and choose according to T.P.O. (Time, Place, Occasion)."
At a town hall meeting held in the lobby of Hyundai Motor Group's Yangjae headquarters in Seoul on Mar. 4, 2019, Vice Chairman Jang answered a question from an employee this way. On that day, Hyundai Motor introduced a casual dress code for employees for the first time since its founding in 1967. As head of management support at the time, Jang led the meeting and explained the purpose of changing the dress code and the detailed operational plan.
It is said that this was the first time that, with the application of a new system at Hyundai Motor, the person in charge held a public session with employees to communicate. Since then, Chairman Chung Eui-sun has also frequently met employees directly for conversations, and town hall meetings have become a representative corporate culture at Hyundai Motor Group.
The innovations led by Jang were not limited to changes in attire. He implemented HR reforms that abolished ranks and classified all employees below executive level as responsibility managers and managers. The HR system was also changed from the traditional seniority-based approach to an efficient performance-based one. To shift away from an open recruitment-centered culture, the company also began actively hiring experienced employees in various fields.
Since the era of the late Chairman Chung Ju-yung, Hyundai Motor Group had been considered an organization with a strong vertical hierarchy. A defining feature of Hyundai Motor was "top-down command," where orders from above were executed swiftly and in unison below, paired with strong drive. As this meshed with the innovations led by Jang, Hyundai Motor transformed into a corporation that emphasizes creativity and efficiency, with the entire organization responding to change most quickly and proactively.
Many say that the changes in corporate culture led by Jang laid the foundation for Hyundai Motor Group to accelerate the push into various new businesses beyond its core of complete vehicle and parts manufacturing, such as robots, hydrogen, and urban air mobility in recent years.
An analysis holds that Jang was able to take the lead in changing Hyundai Motor's long-standing corporate culture because he joined after diverse experiences on the global stage.
After graduating from the sociology department of Korea University and earning an MBA from Boston University in the United States, he worked at several global corporations before being scouted as a senior vice president by Hyundai GLOVIS in 2011. Not an engineer but a marketing and planning expert, he has a unique career spanning major corporations in Korea, the United States, and Japan while performing the role of overseeing Hyundai Motor's overall management.
A business community source said, "If Jang had been someone who rose through Hyundai Motor's open recruitment, he might not even have attempted to change the long-established corporate culture."
◇ "Hyundai Motor can do a luxury brand, too"… implanting a 'challenge DNA'
In Aug. 2020, Jang was appointed head of the Genesis Business Division. At the time, he was concurrently serving as head of management support and head of domestic business at Hyundai Motor. While responsible for the company's internal operations and domestic sales, he also received a special mission to grow Genesis, Hyundai Motor Group's premium brand.
After taking the helm of the Genesis business, Jang consistently emphasized to employees that "we can fully build a luxury brand that resonates in the global market." In line with his strategy, Genesis reestablished its brand value. Shedding the image of a car driven by older people in high positions, it highlighted the perception of a new luxury brand chosen by young affluent buyers.
Jang also devoted significant effort to expanding the Genesis brand's foothold in global markets. He rapidly increased sales by rolling out the GV80 and GV70 sport utility vehicle (SUV) models in the U.S. market and subsequently entered Europe and China.
In 2019, Genesis's global sales were 77,135 units, but in 2020, when Jang took overall charge of the Genesis business, they surged to 132,450, nearly doubling. Sales surpassed 200,000 in 2021 and 220,000 in 2022. As Jang had vowed, the brand broke free from the limitation of being a premium car recognized only domestically and successfully established itself in the global market.
Another example of the "challenge DNA" Jang implanted at Hyundai Motor is the push into the Japanese market. After withdrawing from Japan in 2009 due to poor sales, Hyundai Motor made another attempt in 2022, led by eco-friendly models such as the Ioniq 5 and Nexo. The reentry into Japan was spearheaded by Jang, who has long experience at Japanese corporations such as Nissan and Nomura.
However, Hyundai Motor has yet to produce standout results in Japan. Last year, sales by Hyundai Motor's Japan unit were 1,169 vehicles. That was nearly double the previous year's 619, but given that more than three years have passed since the reentry, it is hard to say expectations have been met. As a result, industry voices say Hyundai Motor needs to strengthen its brand image in Japan and improve consumer satisfaction with electric vehicles to boost results more quickly.
◇ Beating U.S. tariffs, China's offensive, Autonomous Driving, robots… "the real test starts now"
Inside and outside the group, some say the real test stage for Jang to prove his capabilities begins now. With internal and external uncertainties growing, such as high U.S. tariffs, and the business environment deteriorating, the burden on Jang's shoulders as vice chairman in charge of the group will inevitably grow heavier.
Starting in Apr. this year, Hyundai Motor was subject to a 25% tariff from the U.S. Donald Trump administration. After Korea and the United States concluded a trade agreement last month, the tariff rate fell to 15%, the same as Japan's, but compared with the past when exports were tariff-free under the free trade agreement (FTA), profitability in the U.S. market has fallen sharply.
While Hyundai Motor benefited from the Korea-U.S. FTA, Japanese cars were subject to a 2.5% tariff. As Hyundai Motor will have to compete under the same conditions as Japanese rivals like Toyota and Honda, Jang now needs to establish new production and sales strategies.
The intensifying offensive from Chinese automakers is also cited as a task Jang must take the lead in resolving. Chinese corporations are increasing their market share in Europe and Southeast Asia by leveraging low prices and advanced electric vehicle technology.
According to PricewaterhouseCoopers (PwC), in six Southeast Asian countries — Indonesia, Thailand, Malaysia, Vietnam, Singapore, and the Philippines — Korean cars' market share fell from 5% to 4% from 2023 through the first half of this year, while Chinese cars' share rose from 3% to 9%.
In Europe, too, Chinese cars' market share has topped 5%. In particular, as complete vehicle plants being built by Chinese electric vehicle makers such as BYD in Türkiye, Hungary, and Spain begin operations next year, Chinese cars' share is expected to rise even faster.
Beyond that, generating revenue and delivering results in several new businesses — such as hydrogen, robots, and developing the Japanese market — also falls to Jang. In particular, an urgent task is to elevate as quickly as possible the level of Autonomous Driving technology, which is widely seen as a step behind competitors like Tesla.