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Biz News Korea(Eng)
GM Korea chief to step down, remain as AMCHAM rep
- Collected
- 2017.07.05
- Distributed
- 2017.07.06
- Source
- Go Direct
Kim would be working at the AMCHAM as a full-time representative afterwards, according to a press release on Monday.
Kim has served as non-standing chairman of the American business interest group since 2014, but the chamber’s full-time president position has remained vacant after former president John Schuldt resigned.
Kim became COO of GM Korea in June 2015 and went on to take office as CEO last January. He received media attention for his bold sales target and eye-catching marketing campaigns. Although his double-digit growth target was not met, the company hit a new all-time annual sales record of 180,275 units last year since its founding in 2002.
But the rosy situation rapidly reversed this year due to lackluster sales of once-promising sedan and electric car models. Domestic sales in the first six months of this year fell by 16 percent from a year ago. The company’s labor union voted to strike despite losses over the last three years stretching to 2 trillion won ($1.73 billion). The overall deterioration in management situations has led to widespread rumors that GM could withdraw its operations from the Korean market, following its sale of European brand Opel and pullouts from South African and Indian markets.
In addition, Kim’s participation in the economic mission accompanying President Moon Jae-in for his first summit meeting in the U.S. was interpreted as his aloofness to pending management issues in the eyes of GM headquarters, the sources said.
By Park Chang-young and Kang Young-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]