Kia Motors Completes CEO Replacement... Full Effort to Expand Exports in the 'Post-Corona' Era

Kia Motors to Appoint President Song Hoseong as Inside Director at Extraordinary General Meeting on the 10th
Appointment as CEO to be Finalized at Board Meeting Following the General Meeting
President Song, Experienced in European and Overseas Sales, to Focus on Increasing Exports of Eco-Friendly Vehicles to Europe

[Asia Economy Reporter Su-yeon Woo] "Although the novel coronavirus infection (COVID-19) is undoubtedly a crisis for us, if we remain faithful to the basics and take proactive measures, the 'post-COVID' era can be a new leap forward opportunity for Kia Motors." (May 20, at Pyeongtaek Port, Kia Motors President Song Ho-sung)

Kia Motors has carried out a generational change in management amid the management crisis caused by COVID-19. On the 10th, Kia Motors held an extraordinary general meeting of shareholders at the main auditorium and passed a resolution to appoint President Song as an inside director. At the board meeting held immediately after the shareholders' meeting, Song, who was appointed as an inside director, was named CEO.

Since the extraordinary shareholders' meeting was held to process the agenda of appointing himself as an inside director, Song appeared visibly tense throughout. This was his first time standing before shareholders as president. Choi Jun-young, CEO (Vice President), who chaired the shareholders' meeting, praised him, saying, "I have worked closely with (President Song) for a long time and have observed him up close," and "I expect him to play a sufficient role for the development of Kia Motors." Due to the resurgence of COVID-19, only about 60 shareholders gathered at the meeting, wearing masks and sitting in their designated seats as the agenda proceeded.

At the Kia Motors extraordinary general meeting of shareholders held on the 10th, President Song Ho-sung (left in the photo) is greeting the shareholders after being appointed as an inside director. Photo by Kia Motors

President Song is the successor to Park Han-woo, who resigned at the end of March. Having taken office as the new president two months ago and completed the handover, he officially registered as an executive with the consent of shareholders on this day and formally received the CEO title through the board of directors. His term as an inside director lasts until March 2022, and he will lead the company in coordination with Vice President Choi, the co-CEO.

Kia Motors is expected to launch a company-wide structural reform to increase exports, led by President Song. Kia is currently promoting the mid- to long-term future car strategy "Plan S," which shifts from internal combustion engines to an electric vehicle business system. The rapidly growing European eco-friendly car market is a key target.

President Song is expected to lead the export strategy for the European eco-friendly car market under the special mandate of Chung Eui-sun, Hyundai Motor Group's Executive Vice Chairman. A graduate of Yonsei University’s French Department, he is recognized as a European expert and overseas sales veteran, having served as head of Kia’s export planning office, head of the French sales corporation, head of the European regional corporation, and head of global business management. His first official move after taking office was to visit Pyeongtaek Port on the 20th of last month, which is interpreted as signaling his intention to emphasize exports in his future management activities.

On the 20th of last month, Song Ho-sung, President of Kia Motors, visited Pyeongtaek Port. Photo by Kia Motors

Recently, the European electric vehicle market has been growing faster than China due to stricter emission regulations. According to global consulting firm PwC, new electric vehicle registrations in Europe in the first quarter of this year reached 79,300 units, surpassing China’s 77,256 units during the same period. In line with the growth of the European eco-friendly car market, Kia’s eco-friendly vehicle sales are also showing remarkable growth.

In the first quarter of this year, Kia’s electric vehicle sales in Europe surged 75% year-on-year despite the impact of COVID-19. The proportion of eco-friendly vehicles in European sales was only 13% last year but rose to 20% in the first quarter of this year.

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