Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Hyundai names new chiefs for Hyundai Wia, Powertech
Chung Myung-chul Hyundai Wia CEO
By Lee Hyo-sik
By Lee Hyo-sik
Hyundai Motor Group has reshuffled the heads of its major parts subsidiaries and overseas plants, following a recent controversy concerning the overstated fuel economy of its vehicles sold in the United States.
It said Monday that Chung Myung-chul, 59, vice president of Hyundai Powertech, will be appointed as CEO of Hyundai Wia; with Vice President of Hyundai Motor’s Alabama plant Lim Young-deuk, 57, named to head Hyundai Powertech.
Chun Gui-il, 56, chief of the automaker’s Russia plant, has been assigned to lead the firm’s Alabama plant. Shin Myeong-ki, 55, a vice president of Hyundai Motor Group in charge of quality control, will leave for Russia to supervise plant operations there.
On Oct. 5, Bae In-kyu, the former CEO of Hyundai Wia, abruptly stepped down. His unexpected departure was reportedly due to the overstatement of fuel economy rates on nearly 1 million cars sold in the world’s largest automobile market.
Hyundai Wia produces transmissions and other key auto parts for Hyundai Motor and Kia Motors.
A Hyundai Motor Group spokesman said the latest personnel reshuffle is largely aimed at appointing executives specializing in production and quality control to the right places. ``This will help increase the operating efficiency of our overseas plants and strengthen the quality of auto parts manufactured by our affiliates.’’