Suh Gang-hyun, president of Hyundai Steel (004020.KS), has been tapped to lead the Planning and Coordination Office, the control tower overseeing all affiliates of Hyundai Motor Group, sources said.
The appointment comes as the group accelerates efforts to secure future competitiveness following a recent reorganization of its research and development division. Lee Bo-ryong, executive vice president and head of the production division at Hyundai Steel, has been named as Suh's successor at the steelmaker.
Hyundai Motor Group is expected to announce the executive reshuffle Wednesday, according to industry sources. Jang Jae-hoon, vice chairman of the group who previously oversaw planning and coordination, will now focus solely on the finished vehicle business.
Suh, born in 1968, is regarded as one of the group's top financial experts. A graduate of Seoul National University's international economics department, he joined Hyundai Motor (005380.KS) and served as head of accounting management, finance division, and planning and finance division before becoming president of Hyundai Steel in 2023. Industry observers expect Suh to focus on improving the group's profitability, which has deteriorated recently.
Lee, born in 1965, graduated from Yonsei University's metallurgical engineering department and joined Hyundai Hysco, then a steel pipe manufacturing affiliate. After Hyundai Steel absorbed Hyundai Hysco in 2015, he served in various positions including head of cold rolling production, production technology, R&D division, and flat steel business division before becoming head of the production division in July. Industry sources say his top priority will be overseeing construction of the Louisiana steel mill, a major project with investment of approximately 8.6 trillion won ($6.3 billion). His comprehensive understanding of the steel business structure, technology, production, and sales is expected to be valuable for the project.
The group has been reshuffling leadership across its technology development organizations. Manfred Harrer, executive vice president in charge of Genesis and performance development, has been named to lead the R&D division overseeing mass-production vehicle development. Song Chang-hyun, president who headed the Advanced Vehicle Platform division responsible for software-defined vehicle research, has already stepped down. The leadership changes come amid assessments that Hyundai Motor and Kia's autonomous driving and SDV development has shown lackluster results.
Shin Yong-seok, a professor at Washington University in St. Louis, has been selected as the next head of HMG Management Research Institute, the group's think tank. This marks the first time Hyundai Motor Group has recruited a U.S. university professor rather than promoting internally or hiring from government. Shin is expected to take on the role of formulating the group's global strategy, going beyond traditional market analysis functions.
Shin is well known in academic circles as a protégé of Thomas Sargent, the New York University professor who won the Nobel Prize in Economics in 2011. Following his mentor's academic tradition, Shin is recognized as an expert in data-driven macroeconomic analysis.
Hyundai Motor Group plans to announce both the executive-level appointments and regular personnel changes Wednesday. Once complete, all four major Korean conglomerates including Samsung, SK, and LG will have finished preparations for next year's business operations.
