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Kia Motors CEO will step down

Hyundai Motor Group spoke about the dismissal of President Park Han-Woo.

President Park Han-Woo, who has led Kia Motors since 2014, was re-elected as CEO and President in March 2019. Hyundai Motor Group believes that the new staff acts under the auspices of some generational change, and it is able to quickly respond to changes in the market environment and business strategy. But the industry was criticized for the resignation of the CEO, which was told before the shareholders meeting on March 24.

Some analysts claim that Pak Han-Wu is taking responsibility for the new Sorento hybrid certification issue and is stepping down. On February 20, Kia Motors signed a new preliminary contract with Sorento, but eventually found that the hybrid car did not meet state standards for energy efficiency, and terminated the contract a day later.

Kia Motors did not stop developing this model, saying that it guarantees the payment of the full amount of tax benefits that consumers who have already entered into an agreement will not receive, but the amount that the company must pay exceeds 30 billion won, and such loss is serious for the company.

In place of Pak Han-Wu, Vice President Song Ho Sung of the Global Business Management Division was appointed. The new president, Song, served as head of export planning, CEO for Europe, and head of global business management. So, Kia Motors said that it is considered the best candidate for the successful promotion of the “Plan S”, which consists of two main stages: providing the optimal mobility solution with the help of proactive EV conversion, selection and concentration.

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