Hyundai Motor reshuffle supports chairman's son

SEOUL, Dec. 24 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker,
replaced Thursday some of its top executives in a move that many observers say
cemented the role of Vice Chairman Chung Eui-sun, the only son of the company's
chairman Chung Mong-koo.
Hyundai promoted the junior Chung, 38, to vice chairman overseeing sales and
planning in September from his position as president of affiliate Kia Motors
Corp.
As part of the annual management reshuffle on Thursday, Hyundai promoted younger
executives, including Kim Yong-hwan and Jeong Seok-soo, to vice chairman
positions.
The reshuffle saw the resignation of four old guard executives, including Kim
Dong-jin, vice chairman of Hyundai Mobis Co., the carmaker's auto-parts unit, and
Kim Chi-woong, vice chairman of Hyundai Wia Corp.
Kim Yong-hwan, 53, will take responsibility for Hyundai's global sales, while
Jeong, 57, currently chief executive officer of Hyundai Mobis, will take on
oversight of the carmaker's finance division.
"Through this management shake-up, Hyundai will focus on solidifying its status
in the global auto market," a Hyundai official said.
Also Thursday, Hyundai promoted a total of 112 executives. Kia and other Hyundai
affiliates promoted 192 executives.
The shakeup comes as Hyundai Motor's sales continued show momentum, despite the
global economic downturn.
In the third quarter of this year, Hyundai posted a record high quarterly net
profit of 979.2 billion won (US$830 million), helped by the South Korean
currency's weakness and rising sales in the United States, China and emerging
markets.
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