Hyundai Motor transfers vice chairman Kim to Hyundai Mobis

SEOUL, Sept. 26 (Yonhap) -- One of the three co-chief executive officers of Hyundai Motor Co, South Korea's largest automaker, was removed from the post and transferred to its auto-parts affiliate Hyundai Mobis Co. as a vice-chairman, the carmaker said Friday.

The resignation of Kim Dong-jin as vice chairman and co-chief executive of
Hyundai Motor and reassignment to Hyundai Mobis is "part of a strategy to make
Hyundai Mobis a world-class company," Hyundai Motor said in a statement.
Friday's reshuffle was seen as a reminder of the authoritarian management style
of Hyundai Motor Chairman Chung Mong-koo, some analysts say.
The reshuffle of Kim comes amid media speculation that Chung Eui-sun, the only
son of the Hyundai Motor chairman Chung, may return to an influential post of the
South Korean auto conglomerate, cementing the Chung family's control over a
so-called Hyundai-Kia automotive group.
The junior Chung earlier in the year stepped down as one of the co-chief
executives of Kia Motors Corp. amid poor earnings and a slush fund scandal
involving his father.
When called by Yonhap News Agency, a spokeswoman at Hyundai Motor in Seoul said
no one was named to fill the post of the outgoing Kim.
The spokeswoman declined to comment further.
The 70-year-old senior Chung, who inherited the Hyundai automaker from his
father, the late Hyundai group founder Chung Ju-yung, was pardoned in August
despite his conviction last year for embezzling US$100 million form his
affiliates.
Earlier in the day, Hyundai Motor said in a press release that the senior Chung
left for the Czech Republic to inspect the company's plant there, before
accompanying South Korean President Lee Myung-bak for his visit to Russia next
week.
(END)