Hyundai Card, Capital, and Commercial Transition to Separate CEO Structure

Scheduled for appointment as individual CEOs of each company on the 28th alongside Vice Chairman Jung Tae-young

[Asia Economy Reporter Ki Ha-young] The three financial affiliates of Hyundai Motor Group?Hyundai Card, Hyundai Capital, and Hyundai Commercial?that were under the sole leadership of Vice Chairman Chung Tae-young will transition to a system with individual CEOs.

According to the card industry on the 9th, Hyundai Card held a nomination committee meeting on the 6th and recommended Kim Deok-hwan, head of the card division, as the new CEO candidate. Affiliate Hyundai Capital also recommended Mok Jin-won, head of the capital division, as the new CEO of Hyundai Capital, and Hyundai Commercial recommended Lee Byung-hwi, head of the commercial division, as the new CEO of Hyundai Commercial. Hyundai Motor Group plans to appoint each of them as individual CEOs along with Vice Chairman Chung on the 28th.

This introduction of the individual CEO system is interpreted as a decision reflecting Vice Chairman Chung’s intention to establish a swift decision-making structure amid rapidly changing financial environments. The individual CEO system is a structure where the CEO responsible for each business division holds independent decision-making authority. Following this transition, Vice Chairman Chung is expected to focus on mid- to long-term strategies, discovering future industries, and strengthening the competitiveness of existing businesses.