Kia Motors CEO resignsMarch 28, 2020
Hyundai Motor Group announced the resignation of President Park Han-Woo.
President Park Han-Wu, who has led Kia Motors since 2014, was re-elected as CEO and President last March. Hyundai Motor Group believes that the new staff is a “generational change” and that it can respond quickly to changes in the business environment and business strategy. However, the industry was criticized for the resignation of the CEO, which was announced before the shareholders meeting on March 24 and will take place next month.
Some analysts say Pak Han-Wu is taking responsibility for the new Sorento hybrid certification issue and is backing down. On February 20, Kia Motors signed a new preliminary contract with Sorento, but eventually found that the hybrid model could not meet state standards for energy efficiency, and terminated the contract a day later. To get tax benefits, fuel efficiency must exceed 15.8 km / l, and Sorento Hybrid – only 15.3 km / l.
Kia Motors continued its development, saying that it guarantees the payment of the full amount of tax benefits that customers who have already signed a contract will not receive, but the amount that the company must pay exceeds 30 billion won, and such a loss is serious For the company.
“The union is doing everything it can to develop a new Sorento car and to comply with the mass production schedule. You have to back down, ”the Kia Motors newsletter says.
Meanwhile, Vice President Song Ho Sung of the Global Business Management Division has been appointed as the successor to Park Han-Woo. The new president, Song, is head of export planning, CEO for Europe and head of global business management. In particular, Kia Motors stated that it is considered a suitable candidate for the successful promotion of Plan S, which consists of two main strategies: providing the optimal mobility solution through proactive EV conversion, selection and concentration.
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