Seo Jeong-sik Resigns as CEO of Hyundai AutoEver... "Hwang Kyung-won CFO to Succeed"
Seo Jeong-sik, CEO of Hyundai AutoEver, has resigned.
Hyundai AutoEver announced on the 27th that the CEO position will be changed to Hwang Kyung-won, head of the Planning and Finance Division.
Hyundai AutoEver stated that the acting head Hwang will maintain his duties until a new CEO is officially appointed.
Former CEO Seo was under investigation by the prosecution regarding allegations of high-priced acquisition of shares in Hyundai Motor Group affiliates by KT Group. The Seoul Central District Prosecutors' Office also conducted a search of Seo's residence on the 20th.
The prosecution is investigating allegations that KT Cloud purchased Spark & Associates (Spark, now Open Cloud Lab), a vehicle cloud company established by Park Seong-bin, former CEO and brother-in-law of Hyundai Motor Group Chairman Chung Eui-sun, at an inflated price. It is reported that Hyundai AutoEver is suspected of being involved in the acquisition process.
Spark relies 100% on Hyundai AutoEver for its transaction volume. It is believed that KT Cloud would have found it difficult to acquire Spark without Hyundai AutoEver's assistance.
KT Cloud purchased 100% of Spark's shares in September last year for 20.68 billion KRW.
There are suspicions that Hyundai Motor may have paid a premium of several billion won as a favor for acquiring Airplug, a company owned by former KT CEO Koo Hyun-mo's brother, who faced management difficulties in 2021.
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Former CEO Seo promoted the cloud business within KT Group. He served as head of ICT at Hyundai Motor Group (Executive Director) in 2018 and was appointed Vice President and CEO of Hyundai AutoEver in 2021.
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