Hyundai Motor Group, as early as tomorrow, greetings from the president… Half of the vice president and vice chairman Kim Yong-hwan resigned

Input 2020.12.14 17:45 | Revision 2020.12.14 17:57

Hyundai Motor Company (005380)The group is scheduled to greet the presidents of affiliates on the morning of the 15th, and it is reported that two out of four group vice presidents will resign. This greeting is the first greeting after Chairman Eui-sun Eui-sun took office, and it is an evaluation that a full-scale generational change of group executives will take place.-

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According to the business community on the 14th, through this greeting, Hyundai Steel Vice Chairman Kim Yong-hwan and Hyundai E&C Vice Chairman Jeong Jin-haeng, who were the most close friends of Honorary Chairman Chung Mong-koo, will resign. Yoon Yeo-cheol, vice chairman of Hyundai Motor’s labor affairs department, and Jung Tae-young, the brother-in-law of Chairman Chung, will remain vice president of Hyundai Card. Two of the group’s four vice presidents, who were considered as the honorary chairman Chung Mong-koo’s vassal group, were withdrawn.

In the past, Vice Chairman Kim served as Vice Chairman of the Planning and Coordination Office and the Secretary’s Office, assisting Honorary Chairman Chung from a short distance. Vice-Chairman Chung was pursuing the construction of the Global Business Center (GBC), which was the long-awaited project of Honorary Chairman Chung, so some people thought that he would not resign immediately. Vice-Chairman Chung, together with Hyundai E&C President Park Dong-wook, is reported to have submitted his resignation to the Hyundai Motor Group on the 11th.

This change of personnel can be interpreted as predicting a large-scale reorganization under the system of Chairman Eui-sun of Hyundai Motor Group. The business community’s response is that the change of personnel is an expected procedure to some extent, with the possibility of a full-scale reorganization of the Hyundai Motor Group’s third generation management system and a large-scale reorganization.

An official from Hyundai Motors said, “There will be a greeting on the 15th as soon as possible, but the personnel related details have not been confirmed at all.”

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