Hyundai Motor Group has announced a personnel reshuffle for the second half of 2024, promoting 239 executives. This decision reflects a performance-based approach similar to the previous year and aims to effectively respond to an uncertain business environment while strengthening the foundation for future growth. Notably, the promotions were conducted earlier than last year due to risks such as the upcoming Trump administration and a slowdown in electric vehicle demand.
On December 10th, Hyundai Motor Group promoted 73 executives from Hyundai Motor, 43 from Kia, and 20 from Hyundai Mobis, totaling 239 promotions. Despite achieving record-breaking results this year, the scale of promotions was kept similar to last year’s 252 promotions after thorough assessments of contributions by company and business sector.
Key promotions include Lee Seung-jo, who was elevated to Vice President for exceeding financial targets and contributing to the 2030 strategy as both the Chief Financial Officer (CFO) and Chief Strategy Officer (CSO). Koo Ja-yong, promoted to Vice President, was recognized for securing ‘A’ ratings from global credit rating agencies and successfully conducting an IPO for the Indian subsidiary.
Kia promoted Kim Seung-jun, with experience in major financial positions, to Executive Vice President and appointed him as CFO. Tae-hoon Lee, who led strategic responses to market conditions, was promoted to Vice President. Hyundai Rotem’s Lee Jeong-yeop was advanced to Vice President for driving significant international defense contracts and will head the Defense Solutions Division.
Hyundai Motor Group emphasized their plan to maintain strong results and bolster long-term competitiveness through performance-focused promotions. Vice Chairman Jang Jae-hoon, promoted last November, will also manage planning and coordination, aiming to optimize business and strategy and steward new business development and investment.
A total of 53 Vice President and Executive promotions were conducted, with an emphasis on key leaders who can drive sustainable growth and innovation, particularly in electrification technology. Prominent promotions in this area include Kim Chang-hwan and Han Dong-hee, who both advanced to Vice President roles.
In a move to prepare for the future, 41% of those promoted were in their 40s, doubling the 40s demographic since 2020. Sixty-four percent of newly appointed technical executives are in their 40s, with a balanced selection across traditional and future core tech fields.
Promotions also extended to 11 female executives, a threefold increase from last year, enhancing diversity and inclusion. Executives were promoted across brand, IT, and new business sectors. Notably, Ryu Soo-jin was promoted to Executive Vice President for raising the brand value of Hyundai Card.
In summary, Hyundai Motor Group remains focused on optimizing their organization and leadership in anticipation of next year’s uncertain business environment, committing to bold talent investments and fostering change and innovation for future business transformations.