By Nam Hyun-woo
SsangYong Motor appointed Chief Operating Officer Yea Byung-tae as the company's new CEO, the automaker said Friday.
During its shareholders meeting, SsangYong shareholders approved Yea, 61, as the successor of outgoing head Choi Johng-sik.
Before joining SsangYong, Yea built his automotive career at Hyundai Motor, serving as vice president of marketing and commercial vehicles.
During a press conference at the Seoul Motor Show on Thursday, Yea said he "seeks to bring a positive atmosphere to the company and lead SsangYong into profit this year." He added the company will roll out an electric vehicle next year.
SsangYong, which was acquired by India's Mahindra & Mahindra in 2011, has been logging losses every year since then, except for 2016.
Last year, the company posted record sales of 3.7 trillion won and became Korea's No. 3 automaker by number of vehicles sold, but it again posted a 64.2 billion won operating loss and 61.8 billion won net loss.
The company said the losses are mostly stemming from R&D costs for new models and technologies, and it will continue efforts to come up with fresh SUVs that can appeal to customers.
"The SsangYong Motor board is delighted to welcome Yea to the family," said Pawan Kumar Goenka, chairman of SsangYong Motor board and managing director of Mahindra.
"And the board believes that his rich and varied knowledge of product, marketing and exports would continue to build the legacy of SsangYong Motor as the most respected Korean automotive company."
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| New SsangYong Motor CEO Yea Byung-tae |
During its shareholders meeting, SsangYong shareholders approved Yea, 61, as the successor of outgoing head Choi Johng-sik.
Before joining SsangYong, Yea built his automotive career at Hyundai Motor, serving as vice president of marketing and commercial vehicles.
During a press conference at the Seoul Motor Show on Thursday, Yea said he "seeks to bring a positive atmosphere to the company and lead SsangYong into profit this year." He added the company will roll out an electric vehicle next year.
SsangYong, which was acquired by India's Mahindra & Mahindra in 2011, has been logging losses every year since then, except for 2016.
Last year, the company posted record sales of 3.7 trillion won and became Korea's No. 3 automaker by number of vehicles sold, but it again posted a 64.2 billion won operating loss and 61.8 billion won net loss.
The company said the losses are mostly stemming from R&D costs for new models and technologies, and it will continue efforts to come up with fresh SUVs that can appeal to customers.
"The SsangYong Motor board is delighted to welcome Yea to the family," said Pawan Kumar Goenka, chairman of SsangYong Motor board and managing director of Mahindra.
"And the board believes that his rich and varied knowledge of product, marketing and exports would continue to build the legacy of SsangYong Motor as the most respected Korean automotive company."
