Hyundai Motor Group replaces CEOs of parts, steelmaking units

Hyundai Motor Group announced on Friday that two executives of the group’s car manufacturing unit were appointed to lead the automotive components and steelmaking subsidiaries, respectively, in order to grow sustainably and respond in an agile manner to the uncertain global business environment.

Lee Gyu-suk, who was in charge of buying components for Hyundai Motor and Kia, was promoted to president in order to serve as the CEO of Hyundai Mobis, the group’s parts manufacturing unit. His predecessor, Cho Sung-hwan, was appointed the group’s adviser, as he offered to resign earlier this week to prevent a conflict of interest as he is set to lead the International Organization for Standardization (ISO) between 2024 and 2025.

The new chief of Hyundai Mobis is known as an expert in supply chain management, as he succeeded in securing automotive semiconductors and other core components amid the supply chain crisis during the COVID-19 pandemic and the geopolitical tensions.

As a result, he contributed to the improvement in earnings, allowing optimized manufacturing of vehicles and auto parts, according to Hyundai Motor Group.

“Based on his in-depth understanding of supply chain management, Lee is expected to accelerate Hyundai Mobis’ strategic transformation into a mobility company under the New Mobis vision,” Hyundai Motor Group said in a press release.