By Jhoo Dong-chan
The new head of Hyundai Motor’s operations in the United States is facing the daunting task of propping up its slumping sales in the world’s second-largest automobile market.
Hyundai Motor America (HMA) CEO Lee Kyung-soo, who will take the helm officially Sept. 18, is drawing keen attention from industry watchers as to whether he will be able to turn the struggling automaker around.
Lee will replace his predecessor Dave Zuchowski, who was dismissed last December for HMA’s poor performance. Acting CEO Jerry Flannery has been leading the company for the past 9 months.
His appointment comes at a time when Hyundai needs to perform strongly to offset plunging sales in China, its largest market. Hyundai’s sales have fallen sharply this year as the Chinese government has been carrying out economic retaliation against Korean companies over the nation’s decision to deploy a Terminal High Altitude Area Defense battery here.
Lee will be in charge of the company’s sales and marketing operations in the U.S. and Flannery will return to his original position as the company’s executive vice president, and chief legal and safety officer.
“Mr. Lee has an in-depth understanding of Hyundai Motor’s global operations, following nearly two decades in diverse markets around the world, including the U.S., Europe and Latin America,” Hyundai Motor President and CEO Lee Won-hee said in a press release.
“I would like to personally thank Jerry Flannery for his leadership and the stability he brought the organization while serving as interim president and CEO.”
Lee began his career with Hyundai Motor in 1982, and was most recently the president and CEO of Hyundai Translead, a manufacturer of dry and refrigerated van trailers, container chassis and converter dollies. The 61-year-old has played crucial roles in various positions in the U.S. for more than 10 years, adding to his expertise in overseas markets and ensuring that he is well qualified to lead the U.S. market, according to Hyundai Motor America.
“I’m honored and motivated to have been selected to lead Hyundai Motor America in one of the most interesting times in the automotive industry’s history and to reinvigorate momentum in the strategically important U.S. market,” Lee said.
“We have significant opportunities ahead of us. I’m looking forward to supporting our tremendous employee and dealership base and launching exciting new vehicles and technologies in the near future and beyond. I am confident we’re heading to new levels of success.”
The Korean carmaker’s local affiliate in the U.S. sold 54,310 cars, including the Genesis brand, in the world’s second-largest automobile market last month, down 24.6 percent from the same period last year of 75,003 cars. It also showed double-digit decreases in sales over the last four months since May.
Hyundai Motor’s sister brand Kia Motors also sold 53,323 cars in the U.S. last month, down 1.7 percent from a year ago.