"Hyundai Motor Group Personnel Focused on Organizational Optimization Amid Rising Uncertainty Next Year"

Hyundai Motor Group, which is expected to record its highest-ever performance this year, has carried out an executive promotion involving 239 people. This is slightly fewer than last year's record-high promotion of 252 people. Vice Chairman Jang Jae-hoon of Hyundai Motor Group concurrently serves as the head of planning and coordination, overseeing the entire group’s operations. He holds a key position that covers both current and future businesses across the group, beyond just the finished car sector.

The company explained when announcing the 2024 regular executive appointments, "Although we achieved the highest-ever performance, we conducted a thorough review of the contribution to performance by each company and business, and proceeded with promotions at a scale similar to last year."

Hyundai Motor Group Headquarters in Yangjae-dong. Photo by Yonhap News

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This promotion is evaluated to reflect the merit-based approach that has continued for several years. Lee Seung-jo, Executive Director who exceeded financial targets as Hyundai Motor’s Chief Financial Officer (CFO) and Chief Strategy Officer (CSO), was promoted to Vice President. Gu Ja-yong, Executive Director in charge of Investor Relations (IR), was also promoted to Vice President. Kia also saw consecutive promotions of executives in the finance department.

In the personnel changes last month, Joo Woo-jung, former head of the Finance Headquarters, was promoted to President and appointed as CEO of Hyundai Engineering. In this round, Kim Seung-jun, head of the Management Control Office, was promoted to Executive Director and will serve as CFO. Lee Tae-hoon, head of Kia’s Global Business Management Headquarters, was promoted from Executive Director to Vice President. At Hyundai Rotem, Lee Jung-yeop, head of the Defense Solutions Business Division who led large-scale overseas orders in the defense sector, was promoted from Executive Director to Vice President.

Although the total number of promotions slightly decreased, the number of promotions to Vice President and Executive Director, considered future management candidates, increased to 53 from 48 last year. Kim Chang-hwan, Executive Director in charge of Electrification Energy Solutions leading technology development across energy sectors such as batteries and hydrogen, which are Hyundai Motor’s new businesses, and Han Dong-hee, Executive Director and head of the Electrification Testing Center developing internal combustion and electrified vehicle drivetrain technologies, were each promoted to Vice President.

Lee Seung-jo, Vice President and Chief Financial Officer of Hyundai Motor Company. Provided by Hyundai Motor Group

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Kim Chang-hwan, Vice President in charge of Electrification Energy Solutions at Hyundai Motor Company. Provided by Hyundai Motor Group

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Lee Tae-hoon, Vice President and Head of Kia Global Business Management Division. Photo by Hyundai Motor Group

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Among the newly appointed executives, those in their 40s accounted for 41%, roughly double compared to 21% in 2020. The company explained this was to accelerate generational leadership change in preparation for the future. In the technology sector, nearly two-thirds of the newly appointed executives are in their 40s. Joo Si-hyun, Principal Researcher and head of the Robotics Intelligence Software Team; Kwak Mu-shin, Principal Researcher and head of the Electrification Project Office; and Han Guk-il, Principal Researcher and head of the Hydrogen Fuel Cell Design Office 2, were promoted to Managing Director. Ryu Soo-jin, Managing Director in charge of Hyundai Card’s Brand Headquarters, was promoted to Executive Director. In terms of organizational diversity and inclusion, 11 female executives were included in the promotion list, compared to 4 female executive promotions last year.

Vice Chairman Jang Jae-hoon, who attracted attention by being promoted to Vice Chairman in the recent President-level personnel changes, also took on planning and coordination duties in this round of appointments. The company stated, "(Vice Chairman Jang) will pursue maximizing performance through business and strategy optimization from a group perspective, oversee the fostering and investment of future new businesses, and serve as a central figure for change and innovation." Vice Chairman Jang is the first Vice Chairman promoted since Chairman Chung Eui-sun took office at Hyundai Motor Group.

A group official said, "This executive appointment focused on optimizing the organization and leadership considering the uncertainty of the management environment next year. We will continue to boldly select and nurture talent capable of leading change and innovation for future business transformation and invest continuously."

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