Exclusive Chairman Eui-sun Eui-sun made the decision directly … Kyu-bok Lee, CEO of Hyundai Glovis

Lee Kyu-bok, the new CEO of Hyundai Glovis (far left), poses for a commemorative photo at an event when he was head of Hyundai Motor France.

Lee Gyu-bok (54), executive director of Hyundai Motor Company, who is a financial expert, will be promoted to vice president as CEO of Hyundai Glovis, the key to Hyundai Motor Group’s governance structure. Hyundai Motor Group Chairman Eui-sun Eui-sun is an unconventional appointment, and is interpreted as a willingness to choose a relatively young and qualified person to manage the operation of Hyundai Glovis, a key link.

CEO Lee was born in 1968 in Busan and is a financial expert who studied economics at Nakdong High School and Seoul National University. After serving as the head of the Americas and Europe management department at Hyundai Motor Company, he served as the head of the process innovation department and the next generation ERP innovation center at Hyundai Motor Company. Inside Hyundai Motor Company, he is considered a competent practical talent. President Kim Jeong-hoon, who has been the CEO of Hyundai Glovis since 2018, will retire.

The new CEO’s ‘mission’ is analyzed as promoting new business and boosting Glovis’s stock price through it. Hyundai Glovis, in which Chairman Chung has a 20% stake, is the key to reorganizing Hyundai Motor Group’s governance structure. The higher the corporate value of Hyundai Glovis, the easier it will be to reorganize the group’s governance structure.

Some analysts say the appointment of CEO Lee, who is a financial expert, accelerates the reorganization of Hyundai Motor Group’s governance structure. Hyundai Glovis promotes various future businesses such as hydrogen business, smart logistics, and robotics. Chairman Chung Eui-sun and Honorary Chairman Chung Mong-koo sold 3.29% and 6.71% stakes, respectively, to Carlyle, a global private equity fund, early this year. Through this, Carlyle secured a 10% stake in Hyundai Glovis and became the third largest shareholder.

Reporters Park Han-shin/Kim Il-gyu/Kim Hyeong-gyu phs@hankyung.com

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