KG Mobility announced on the 13th that it held an extraordinary shareholder meeting and board of directors meeting at its headquarters in Pyeongtaek, South Korea, appointing new CEO.
The newly appointed CEOs are Executive Vice President Hwang Gi-young, head of the overseas business division, and Executive Vice President Park Jang-ho, head of the production division. As a result, KGM transitions to a system with three co-CEOs, including Chairman Kwak Jae-sun.
KGM explained that the appointment of new CEOs was intended to improve management efficiency and establish a responsible management system for its domestic and international business and production sectors.
Newly appointed Executive Vice President Hwang Gi-young played a pivotal role in achieving significant growth over the past year by joining KGM in 2023 and leading aggressive new market development and product launches in the overseas business sector, which resulted in the company achieving its largest export figure in nine years. He will oversee all operations in the business division going forward.
Thanks to this surge in exports, KGM recorded its first profit in 16 years in 2022 and achieved its highest annual revenue since its founding 70 years ago.
This year, KGM plans to continue expanding its reach into emerging markets, starting with the global launch of the Torres EVX in Turkey and New Zealand last March, and intends to increase sales volume by strengthening local marketing efforts in overseas markets. Exports showed a significant increase of 39.4% through April, building excitement for ongoing growth.
Additionally, newly appointed Executive Vice President Park Jang-ho has taken on comprehensive roles in production and labor while at Ssangyong Motor, recognized for his expertise in improving production efficiency, achieving perfect product quality, and establishing a strong collaborative labor-management culture. He will now oversee all operations in the production division.
KGM constructed a hybrid production line capable of manufacturing both monocoque (unibody) and body-on-frame vehicles through the integration of the monocoque and body-on-frame production lines last year, allowing for increased productivity and equipment efficiency, as well as flexible production responses to fluctuations in sales volumes by model.
Furthermore, KGM has maintained a stable and cooperative labor-management culture, finishing labor negotiations without disputes for 14 consecutive years since 2010, based on labor-management cooperation.
A KGM official stated, “By appointing the heads of the overseas business division and the production division as co-CEOs, the company can enhance management efficiency and establish a responsible management system. Going forward, we will continue to expand new product launches, aggressively develop new markets, and enhance various marketing activities in both domestic and international markets to increase sales volume and grow sustainably as a company.”
Lee Sang-jin daedusj@autodiary.kr