Ssangyong Motor hires two former Hyundai executives

SEOUL, Jan. 19 (Yonhap) -- Ssangyong Motor Co., the South Korean carmaker now
under bankruptcy protection, said Tuesday it has hired two former executives of
Hyundai Motor Co. as part of efforts to revitalize its troubled business and
ensure the company's survival.
Ssangyong won court approval last month to proceed with its turnaround plan,
though many analysts remain skeptical over the company's future because of its
line-up of gas-guzzling sport-utility vehicles and mounting debts.
The two former executives of Hyundai, the nation's top automaker, will be
responsible for marketing and sales of Ssangyong's new crossover vehicle C200,
company officials say.
Choi Johng-sik, who served as executive vice president of Hyundai's U.S. unit,
will be in charge of Ssangyong's global marketing division. Lee Jae-wan, former
chief of Hyundai's product development, will serve in the same position at
Ssangyong.
"We expect the two executives to play a big role in normalizing the company's
management," said an official at Ssangyong.
If all things go as planned, including new funds needed for developing the new
model, Ssangyong will be able to release the C200 by the end of this year.
Last year, Ssangyong's auto sales plunged 57.6 percent from a year earlier to
34,936 units, underscoring the struggles posed by the worst industrywide downturn
in decades for smaller carmakers.
Domestic sales at Ssangyong dipped 43.3 percent to 22,189 units and exports
plunged 70.5 percent to 12,747 units last year, the company said earlier.
(END)