HD Hyundai Electric

HD Hyundai Electric has signed a long-term supply agreement worth KRW 1,121.2 billion (approximately USD 721 million), representing 27.5% of its annual revenue, for data center distribution and power equipment. The contract runs from July 2, 2026 through January 1, 2029, with the US Atlanta subsidiary (HD Hyundai Electric America Corporation) acting as the direct counterparty after it concluded a product-specific addendum agreement with an unnamed global big-tech firm. Individual purchase orders will be issued separately throughout the contract period, each triggering its own regulatory filing if it meets disclosure thresholds. The sheer scale — more than one-quarter of annual revenue — signals a sustained, high-volume backlog of AI/data-center-driven power equipment demand.

Outside director Han Chan-sik voluntarily resigned on June 21, 2026, citing personal reasons. He was originally appointed in March 2023 and most recently reappointed in March 2026 for a three-year term. Following his departure, the board shrinks from 5 to 4 registered directors, and outside directors drop from 3 to 2, reducing the outside director ratio from 60% to 50%. As a large-scale corporation, the company is required to maintain a majority of outside directors, so the 50% ratio brings governance compliance into a narrower margin pending a replacement.