Hyundai CEO Yang quits; Korea, overseas sales chiefs step up

Seoul: Hyundai Motor chief executive officer Steve Yang has resigned for personal reasons and its domestic and foreign sales chiefs will split his role, a company spokesman said on Friday.

File photo of Steve Yang (Bloomberg)

Yang took the top job at the world’s fifth-biggest auto group along with affiliate Kia Motors in early 2009 and was one of three CEOs of Hyundai along with its chairman and founding family member Chung Mong-koo.

Kim Choong-ho and Kim Seung-tack has been promoted to head Hyundai’s domestic business and overseas business, respectively, both of which was previously headed by Yang, and Hyundai’s board will pick a new CEO later, the spokesman said.

Shares in Hyundai have gained around 21% this year, easily out-performing the broader index and most of its global rivals.