Kia’s CEO Resigns

Kia Motors Corp. President and CEO Lee Sam-Ung has resigned, Reuters reports. The company says Lee has taken responsibility for production losses caused by three months of intermittent strikes by the Kia's labor union earlier this year.

The walkouts, an almost annual occurrence in South Korea's auto industry, cost Kia more than 32,000 units of lost production this year.

Lee will be replace by Park Han-woo, Kia's former chief financial officer.