Hyundai CEO walks

Korean car-maker Hyundai is to restructure its top management following the resignation of CEO Steve Yang.

The resignation reportedly is due to “personal” reasons and leaves a big management hole that will be filled, in part, by two people: Kim Choong-ho and Kim Seung-tack who, in looking after domestic and overseas business, will be covering ground once singly controlled by Yang. Yang’s CEO role will be filled “later”, according to Hyundai.

Yang, who was one of three CEOs at Hyundai, is a marketing specialist who joined the company, along with affiliate Kia, in early 2009. He is credited with much of the success enjoyed by both operations in recent years.

With Chairman Chung Mong-koo, who has also been given much of the credit for Hyundai’s success through the building of what is described as a disciplined, military-like culture within the company, Yang has been a significant part of its emergence as one of the toughest competitors on the global market.

After years of following in the wake of the Japanese, Hyundai has risen into prominence in recent times with the introduction of impressive new models that have taken the challenge right up to their competition.

And perhaps even more so than Hyundai, Kia continues to surprise and delight with a new range of models designed by former Audi stylist Peter Schreyer.
In a Reuters report, Ko Tae-bong, an analyst at HI Investment & Securities, said "With overseas sales and production growing, Hyundai needs a control tower for its overseas business. With the macroeconomic uncertainty, it is also difficult for a single person to oversee both domestic and overseas business."
Steve Yang, who turns 58 this month, remains with the company in an advisory capacity.
 

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