Hyundai Mobis CEO Lee Gyu-suk

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.

Hyundai Steel CEO Seo Gang-hyun

Hyundai Steel, the group's steelmaking unit, will be led by Seo Gang-hyun, the former head of Hyundai Motor's planning and finance division, who was promoted to president in the latest executive reshuffle. His predecessor, An Tong-il, had led the steelmaker for five years, based on his career at the company's chief rival, POSCO. An will also serve as the group's adviser.

Seo is known as an expert in finance, as he enabled Hyundai Motor to post record earnings when serving as the chief financial officer between 2019 and 2020. He also played key roles in the carmaker's strategic decision-making for its enhanced competitiveness.

"He is expected to focus on establishing long-term strategies for Hyundai Steel, improving its profitability by finding new customers and developing new products," Hyundai Motor Group said.

Given that the new chief executives are in their 50s unlike their predecessors in their 60s, the recent executive reshuffle is thought to demonstrate Hyundai Motor Group Executive Chair Chung Euisun's intention to accelerate generational shifts.

"Through the recent appointments and the forthcoming reshuffle of lower-level executives next month, we will continue to foster leaders who will lead innovation for the group's future," Hyundai Motor Group said.

The group did not replace the CEOs of its other subsidiaries, such as Hyundai Motor, Kia, Hyundai E&C, Hyundai Glovis, Hyundai Rotem, Hyundai Transys and Hyundai WIA.