‘Jeong Mong-gu Close Associate’ Vice Chairman Yoon Yeo-cheol and President Ha Eon-tae Retire

Yoon Yeo-cheol, Vice Chairman of Hyundai Kia Motors./Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Hyewon] Hyundai Motor Group is undergoing a generational change. Vice Chairman Yoon Yeo-cheol and President Ha Eon-tae are stepping down.

According to industry sources on the 16th, Hyundai Motor Group is expected to announce a regular executive reshuffle with these details on the 17th.

Vice Chairman Yoon, who played a key role in Hyundai Motor's labor-management relations, is expected to take on an advisory role after stepping down.

With Vice Chairman Yoon's retirement, except for Vice Chairman Chung Tae-young from the owner family, all vice chairmen appointed during Honorary Chairman Chung Mong-koo's era will step down from frontline positions.

It is also reported that some members of the president group, including Albert Biermann, Head of Research and Development (President), and Peter Schreyer, President in charge of Design, will step down.

Additionally, a large number of outstanding executives in their 40s are expected to be promoted.

Meanwhile, Chairman Chung Eui-sun said in a video message on the day, "There is no doubt that President Biermann's leadership played a key role in elevating Hyundai Motor Group's status as a global leader in the automotive market," adding, "I sincerely thank you and we will all miss you."

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