To agilely respond to the uncertain global business environment and establish a foundation for sustainable performance, Hyundai Motor Group conducted a reshuffle of its executives, including the appointment of new CEOs and presidents for the second half of 2023.
Hyundai Motor Group promoted Vice President Lee Kyu-seok, head of the purchasing division at Hyundai Motor and Kia, and Vice President Seo Kang-hyun, head of the planning and finance division at Hyundai Motor, to president positions. Lee Kyu-seok was also appointed as CEO of Hyundai Mobis, while Seo Kang-hyun became the CEO of Hyundai Steel.
This reshuffle is characterized by the appointment of proven leaders with verified business performance and capabilities to enhance a performance-oriented management system and accelerate the formulation and execution of future core strategies.
Hyundai Mobis has appointed Vice President Lee Kyu-seok, who possesses exceptional expertise in supply chain management and global capabilities, as its CEO.
CEO Lee Kyu-seok is recognized as the top expert in the group’s procurement area, having successfully implemented multifaceted solutions for stabilizing the supply chain in the challenging management environment due to the pandemic and international political instability.
In the midst of a supply chain crisis where major component supplies, including automotive semiconductors, are difficult to secure, he laid the foundation for improving group performance by timely securing essential strategic materials and optimizing production operations for finished vehicles and vehicle parts.
Based on his high understanding of vehicle SCM (Supply Chain Management) and outstanding global capabilities, CEO Lee Kyu-seok is expected to lead changes and innovations, accelerating the establishment and execution of Hyundai Mobis’ new business strategy under the ‘New Mobis’ vision, which includes a strategic shift towards a software-centric mobility company.
Hyundai Steel has appointed Vice President Seo Kang-hyun, who led finance and strategy at Hyundai Motor, as its new CEO.
Seo Kang-hyun is well-known as a representative financial expert in the group, achieving remarkable management results during his tenure as CFO of Hyundai Motor, including reaching record revenue and operating profit.
In addition to financial performance such as stabilizing financial structure and profitability management, he also concurrently handled planning since 2021, performing a key role in strategic decision-making to strengthen the company’s long-term direction and expanding future-oriented investments.
Previously, Seo Kang-hyun successfully improved financial structures while serving as CFO of Hyundai Steel from 2019 to 2020, and he is expected to focus on improving business structure through discovering new demand and securing profitability via product development alongside establishing Hyundai Steel’s long-term strategy.
Meanwhile, Hyundai Mobis’ former CEO Cho Sung-hwan and Hyundai Steel’s former CEO Ahn Dong-il have each been appointed as advisors to Hyundai Motor Group. Cho Sung-hwan will serve as the chair of the International Organization for Standardization (ISO) for two years starting in 2024.
A representative from Hyundai Motor Group stated, “This appointment is aimed at enhancing the stability of organizational operations and enabling a nimble response to the global business environment. Following this executive appointment, we will continue to foster and select leaders who can drive the necessary changes and innovations for the group’s future business transformation through next month’s regular executive appointments.”
Lee Sang-jin daedusj@autodiary.kr