Hyundai Motor Group, the second largest conglomerate in South Korea, has announced an extensive series of key executive appointments, all of them internal promotions that take effect today. All the new leaders are younger than their predecessors, and 30 percent of the promotions are in business units that focus on future businesses and new technologies.

In the major affiliate companies, Jaehoon (Jay) Chang has been promoted to President and CEO of Hyundai Motor Company, the conglomerate's largest affiliate. Previously the head of the company's domestic sales business, Chang is expected to drive innovation and change in corporate culture. He will share leadership with existing CEO Wonhee Lee, who will focus on growing other aspects of the business.

Three other large affiliate companies will also see new leaders. At Hyundai Mobis, the parts and service arm, Sung Hwan Cho has been promoted to President and CEO. At construction company Hyundai Engineering, Young Joon Yoon has been promoted to President and CEO. And at Hyundai Wia Corp, the country's second largest automotive parts manufacturer, Jae Wook Jung has been promoted to the new President and CEO.

The other key appointments include urban air mobility, where NASA aviation expert Jaiwon Shin was promoted to lead the business unit. Hyundai has stated that it plans to commercialize an unmanned air cargo system by 2026, and air mobility is one of its future growth strategies. The leaders of business units developing electrification of transport and robotics were also promoted.

The new appointments come shortly after Hyundai finalized a deal to purchase US robotics firm Boston Dynamics, in an acquisition expected to drive the company's expansion into future technology.