Hyundai Motor CEO Steve Yang resigns

Hyundai Motor Chief Executive Officer Steve Yang has resigned for personal reasons and its domestic and foreign sales chiefs will split his role, a company spokesman said on Friday.

Under his rein, Hyundai saw the company become one of the biggest threats to global automakers in recent years, increasing sales and gaining market share even during the global financial crisis.

Yang took the top job at the world’s fifth-biggest auto group along with affiliate Kia Motors in early 2009 and was one of three CEOs of Hyundai along with its chairman and founding family member Chung Mong-koo.

[caption id=“attachment_96857” align=“alignleft” width=“380” caption=“Yang took the top job at the world’s fifth-biggest auto group along with affiliate Kia Motors in early 2009 . Reuters”] [/caption]

Kim Choong-ho and Kim Seung-tack have been promoted to head Hyundai’s domestic business and overseas business, respectively, both of which was previously headed by Yang, and Hyundai’s board will pick a new CEO later, the spokesman said.

Shares in Hyundai have gained around 21 percent this year, easily out-performing the broader index and most of its global rivals.