Hyundai Motor Group heir-apparent Chung Eui-sun has become the group’s new chairman. 

The conglomerate said Chung was promoted to replace his father, Chung Mong-koo, during a board meeting on Wednesday.  

The promotion comes some two years after Chung took up the position of the group's executive vice chairman and just seven months after he became the chairman of Hyundai Motor Company’s board of directors.  

Though Chung virtually took the helm of the conglomerate two years ago, Wednesday marked the official launch of the “Chung Eui-sun” era and saw a change in leader after 20 years.  

In assuming the top post, Chung stressed that all of the group’s activities must contribute toward the everyday life, safety and happiness of humankind and that customers must be the focus of all such activities. 

In particular, he pledged to expand customers’ values to humankind. To that end, Chung said the group will develop the world’s most innovative and credible self-driving technology to provide humankind with safe and free mobility.