Friday , January 15 2021

An unexpected change in Hyundai increases stocks to their highest level within two months

Hyundai Motor shares They climbed up to 9%, The highest level since October 10, after the news, while headlines in such subsidiaries Hyundai Mobis, Hyundai and Via and Hyundai Globe They also went up.

The change is part of preparations for a generational change among managers of Korea's second-largest business empire.

The group's president, Albert Beiermann, A former German director of BMW, was appointed head of research and development to replace Yang Wong-ch and Kwon Mon-Sek. The move was perceived as a significant step to bring new ideas to the Korean-dominated group.

In total, 17 senior managers were re-assigned to the group, which includes Hyundai Motor Co A Kia Motors Corp. And that together they constitute the fifth largest vehicle in the world.

The decision follows Euisun Chung Was promoted in September to the position of senior vice president of Hyundai Motor, which left him closer to succeeding his father Mong-Koo Chung, 80, as president of the group.

The moves come at a time when Hyundai Motor is trying to reduce its profit decline as a result of calls for cost control in the US and weak sales in US and Chinese markets.

A person familiar with the matter told Reuters on Tuesday that the restructuring was "Part of the dongle change Chong (Ben) is looking for."

Head of Innovation of Hyundai Motor Co, YANGZHOU, Was promoted to the President as part of the automaker's efforts to reach rivals in technologies of the future, such as shared cars.

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