Hyundai Unveils Management Shakeup

Hyundai Motor Group has made several high-level executive moves it says will help the company become more agile and innovative. All assignments are effective Dec. 13.

The moves were orchestrated by Chung Euisun, 48, who was named executive vice chairman in September. Since then, he has been taking steps to revitalize the carmaker, currently led by his 80-year-old father, Chung Mong-koo.

Today’s shuffle involves the reassignment of 17 top-level executives. The plan’s announcement sparked a 9% jump to a two-month high in Hyundai’s share price in South Korea.

The company confirms an earlier media report that Albert Biermann, a former BMW performance vehicle engineer, will replace two veteran executives, Yang Woong-chui and Kwon Moon-sik as the first non-Korean head of the company’s research and development division.

Hyundai also is promoting Yongcho Chi, the group’s chief innovation officer and head of strategy and technology, to president. He will continue to lead strategies to broaden the company’s mission beyond carmaking to “smart mobility” solutions provider.

Yong Woon Kong, formerly head of public relations for Hyundai and Kia, is being promoted to president of the strategy planning division. He replaces Chung Jin Haeng, who has been reassigned to head the groups construction business.

Hyundai has reassigned Yong Hwan Kim, the head of personnel management, to run the group’s steel operations. Hyundai did not indicate who will replace him.