Park Jung-guk, Hyundai Mobis CEO, "Accelerating Organizational Structure Innovation This Year... Emergency Response to COVID-19 Ongoing"

"Operation of Emergency Response TFT for COVID-19... Risk Preparedness Including Additional Liquidity Securing"

Jungkuk Park, President and CEO of Hyundai Mobis

[Asia Economy Reporter Kim Ji-hee] Park Jung-guk, CEO (President) of Hyundai Mobis, expressed his ambition to lead major changes in organizational structure and corporate culture this year to become a game changer in the future mobility sector.

In his greeting at the 43rd Hyundai Mobis Annual General Meeting of Shareholders on the 18th, Park said, "The automotive industry ecosystem is being reorganized into a new mobility service industry, and not only traditional automakers and parts manufacturers but also IT, telecommunications, and electronics companies are rapidly entering the future mobility business." He added, "In this situation, Hyundai Mobis is solidly building core technological competitiveness in future automotive fields such as autonomous driving, connectivity, and electrification based on the competitiveness of its traditional manufacturing-based business model."

Key tasks for this year to leap forward as a future mobility game changer include ▲ securing future competitiveness centered on talent and new technologies ▲ strengthening responsible management ▲ innovating organizational culture ▲ implementing policies to enhance shareholder value.

Park stated, "We will focus on nurturing talent in autonomous driving, connectivity, and electrification, and based on this, lead future new technologies and new businesses to secure both growth and profitability simultaneously." He also said, "We will accelerate open innovation by expanding strategic alliances and cooperation with technology-leading companies and promising startups to proactively secure core technological capabilities."

He added, "To respond quickly and effectively to future changes, we will strengthen responsible management." He emphasized, "We have been changing our organizational structure to a product-centered business unit system for the past three years. This year, we will complete a business unit-centered organizational system so that each business leader can produce optimal results." Regarding the organizational culture improvement efforts led by Hyundai Motor Group last year, he also stated, "We will transform the corporate constitution so that a horizontal corporate culture based on autonomy, communication, and cooperation can be properly established."

He reiterated his commitment to continuing policies to enhance shareholder value. Park said, "According to the shareholder value enhancement policy announced in February this year, we will conduct stable dividends amounting to 20-40% of free cash flow this year and continue quarterly dividends." He added, "We will also faithfully carry out the ongoing three-year 1 trillion KRW share repurchase program this year."

Furthermore, he emphasized that Hyundai Mobis has established an emergency response system in preparation for the recent spread of the novel coronavirus (COVID-19). Park said, "Hyundai Mobis operates an emergency response TFT to minimize employee safety risks and company losses." He continued, "In particular, we are implementing alternate-day telecommuting to reduce the risk of in-house infection and ensuring business continuity in emergencies by relocating essential personnel to alternative workplaces." He added, "We are also securing additional liquidity and managing domestic and international supply chains to prepare for any potential internal and external risks."

This content was produced with the assistance of AI translation services.