Hyundai, Kia Replace Executives as Sales Miss Targets

Hyundai Motor Co. and affiliate Kia Motors Corp. have fired two senior executives because sales in the first quarter of 2015 failed to meet targets, Reuters reports. The companies are known for frequent executive turnover.

Hyundai has dismissed Chief Operating Officer Im Tak-uk, and Kia has replaced Ahn Byung-mo, vice chairman and head of U.S. operations. The companies say both men will continue as advisers.

Hyundai's new COO is Chang Won-shin. Kia has appointed Shin Hyun-jon to head U.S. manufacturing and Shon Jang-won to lead U.S. sales operations.

Last year Hyundai and Kia worldwide sales grew 5% to 4.96 million units and 6% to a record 2.91 million units, respectively. In January-March, Hyundai's volume fell 4% to 1.81 million vehicles. Kia sales advanced less than 1% to 690,700 units in the same period.

In the U.S., Hyundai sales rose 1% last year and 8% in the first quarter of 2015. In the same periods, Kia sales advanced 8% and 6%, respectively, according to Autodata Corp.