Hyundai Card CEO concerned about departure of top executives

By Yi Whan-woo

Chung Tae-young, vice chairman and CEO of Hyundai Card and Hyundai Commercial, has expressed concerns over the recent departures of the second-in-command executives of each of the two companies.

Chung Tae-young, vice chairman and CEO of Hyundai Card and Hyundai Commercial / Korea Times file

“I feel uneasy for some reason if everything seems safe and sound these days,” he wrote on Facebook early this week, after Hyundai Card Co-CEO Kim Duk-hwan stepped down on Sept. 9.

Kim's resignation came with more than half of his three-year term remaining, after he became the youngest CEO in the credit card business in March 2021 at age 49.

His departure surprised many as it came less than a month after the resignation of Lee Byung-whi, who was the co-CEO of Hyundai Commercial that spun off from Hyundai Card.

“It appears Chung is extremely distressed about losing the co-CEOs,” a market observer said. “How he handles the situation and makes a breakthrough amid the hardships facing Hyundai Card draws attention.”

The source was referring to a sharp decrease in Hyundai Card's net profit, which shrank 14.6 percent in the first half of the year.

Hyundai Card accordingly fell one notch to fifth place in terms of revenue by domestic credit card companies.

It trails behind Shinhan, Samsung, KB Kookmin and Lotte.