Hyundai Motor Group promotes fewer execs after flagship's profit drop
[SEOUL] Hyundai Motor Group, South Korea's second-biggest conglomerate, said on Monday that in an annual reshuffle it has promoted 348 executives, down 5 per cent from last year, due to "growing business uncertainty".
The revamp comes as Hyundai Motor Group focuses on slashing costs, including cutting executive pay, after flagship unit and automaker Hyundai Motor posted its fourth consecutive annual profit decline in 2016.
Big family-owned conglomerates like Hyundai Motor Group and Samsung Group have delayed their year-end annual promotions, after senior executives were questioned by prosecutors investigating a political scandal involving South Korean President Park Geun-hye.
None of the executives of the major conglomerates have been charged with any wrongdoings so far.
Hyundai Motor Group said its management reshuffle "takes into account various situations", but did not elaborate on the change in its timing.
Among those promoted was Jang Woong-jun, who is involved in developing technology for self-driving cars. Mr Jang, who studied at Stanford University, has been promoted to the post of a director, making him the youngest executive of the group at the age of 37.
Hyundai Motor Group trails Samsung Group in terms of assets, and has 51 subsidiaries, including Hyundai Motor, Kia Motors , Hyundai Mobis and Hyundai Steel. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Geely, Foretellix partner to jump-start self driving car development
Ferrari posts underwhelming earnings amid flat deliveries
Tesla’s China-made EV sales fall 18% y/y in April
Brokers’ take: SAC Research initiates ‘buy’ on Soilbuild with S$0.04 target
Scoot begins flights with Embraer E190-E2 jet
VinFast’s EV ambitions get a reality check as shares plunge 65%