Kwon Oh-gap, chairman of HD Hyundai, said on the 3rd during a meeting of the presidents of major affiliates, "Now is the time for everyone to come together to wisely overcome the crisis."
Before the meeting with the presidents of 13 major affiliates, including Chung Ki-sun, vice chairman of HD Hyundai, HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries, HD Hyundai Oilbank, and HD Hyundai XiteSolution, Kwon noted, "I have a suspicion that we may have overlooked the seriousness of the crisis by only focusing on immediate results."
He said, "We must work hard to analyze the forthcoming recession and crisis accurately and prepare countermeasures, but do not be too impatient or shaken by external variables; instead, we should manage according to laws and principles." He added, "The role and judgment of leaders become even more crucial in situations of great uncertainty. Please act with conviction and confidence, judging calmly and realistically whether we can achieve what we want with our current human and material resources."
Kwon also urged the presidents to strive to show employees hope and vision for the future. He emphasized, "Safety is an important value that cannot be exchanged for anything; presidents should frequently visit the field to check for any shortcomings."
HD Hyundai explained that the meeting was organized to assess risks arising from recent changes in the global business environment surrounding our economy, including ▲ the rapid growth of China’s manufacturing sector ▲ the Middle East war ▲ and the tariff imposed by the United States.
During the meeting, the presidents agreed to share the core management ideas of each company and to thoroughly analyze the business goals set at the beginning of the year, focusing on performance for the second half of the year.
They also decided to establish comprehensive measures, including business restructuring for underperforming sectors, to be implemented immediately, and to review the mid- to long-term business plans from scratch.
HD Hyundai plans to share the risks faced by the company and their impacts with employees through individual "management status briefings," aiming to foster a company-wide consensus for overcoming the crisis.