Top overseas executives at Hyundai and Kia have been replaced following a slow first quarter sales performance by the South Korean carmakers.
According to Reuters, citing a group statement, the companies said Hyundai replaced its overseas division chief Im Tak-uk while Kia replaced US vice chairman Ahn Byung-mo.
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Both will serve as advisers, the statement said, adding that the “reshuffle aims at beefing up the overseas sales competitiveness of Hyundai Motor and Kia Motors”.
Overseas sales of at each brand fell about 4% in the first quarter and Reuters noted the two are expected to report weak first quarter earnings later this month following increased incentives in the US aimed at reviving sluggish demand for sedans and to combat Japanese rivals boosted by a weaker yen.
Chang Won-shin, a Hyundai overseas sales executive, will take over from Im while Kia’s US manufacturing operations will be overseen by Shin Hyun-jong and its US sales unit will be headed by Shon Jang-won, currently in charge of Kia’s European sales.
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