Mr. Choi Kilsun selected as next president of Hyundai Heavy Industry

Choi Kilsun, standing advisor for Hyundai Mipo Dockyard Co., Ltd., and Min Kyesik, president of technology development at Hyundai Heavy Industries (HHI), designated as the next presidents of HHI, under its dual president system.

According to HHI March 16, 2001, it selected Mr. Choi and Mr. Min as presidents in a regular stockholders meeting held at HHI headquarters in Ulsan.

While three directors, including former president and CEO Cho Chunghee, resigned their posts, another four directors were appointed. i.e., Park, Pyoung-gi, vice president of management supply stayed on and three new faces, Shin Myoung-sun, executive director of management supply as well as Mr. Choi and Mr. Min stepped in.

Three outside directors, Lee Sun-ho, Park Jun-wan, and Park Sang-hyuk remained in office and Kang Shin-ok, a lawyer, was newly appointed.

This is in part to strengthen the transparency of management, as previously the three auditors positions for the company were two thirds outside directors, and are now all filled by outside directors.

HHI saw 6.6 trillion won in sales, $4.22 billion in exports and orders worth $7.67 billion. It also recorded ordinary profit at 36.6 billion won, last year.