Mr Chung, who is the grandson of Hyundai founder Ju-yung Chung, is set to take the torch from his father in the top job.
The Hyundai Motor Group has announced Euisun Chung will take over from his father as chairman of the board.
In remarks delivered following his promotion, Mr Chung said the future direction of the brand would be focused on ‘customers,’ ‘humanity,’ and ‘social contribution.’
The 49-year-old – who is the grandson of company founder – studied at the University of San Francisco between 1993 and 1997.
According to Forbes, by 2018 he had an estimated net worth of $2.5 billion (AU$3.5 billion) by virtue of his family connections.
Euisun’s father and outgoing Hyundai chairman Mong-Koo Chung is now 82, and has taken an honorary position on the board.
In 2007 Mong-Koo was convicted of embezzlement and breach of fiduciary duty, however he was subsequently pardoned by now-disgraced President Lee Myung-bak.
He continued to serve in the top job at Hyundai following the controversy.
Hyundai upper-management has long been critiqued as a nepotistic domain, and, in 2012, Bloomberg media reported “no one can assess how Euisun will perform when he becomes chairman because his father keeps him on a tight leash.”
The Korean manufacturer has been an industry leader in electric vehicle development in recent years.
Last month the company delivered seven hydrogen-powered Xcient trucks to customers in Switzerland.
Having already sold 45,219 new vehicles in Australia during the course of 2020, Hyundai is currently on track to finish the year in third on the overall sales charts, behind only Toyota and Mazda.
MORE: Everything Hyundai