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Political scandal to delay annual Hyundai Motor reshuffle

Collected: 2016.12.24

Distributed: 2016.12.26

Source: Go Direct

Hyundai Motor Group has put off year-end appointments as top executive’s attention is diverted by the parliamentary hearing and investigation on power abuse scandal involving the president and her inner circle.

The country’s largest automaker said Thursday annual appointments for executive level would be made next month or February. The last time executive reshuffle was put off from the usual December was in 2007 when the group came under prosecution probe on bribery charges.

Korea’s largest automaker Hyundai Motor Co. and its smaller sister company Kia Motors Corp., are expected to make less changes in upcoming reshuffle than last year’s 368. Faced with challenges at home and abroad, the company in October last year announced a 10 percent cut in salaries for 1,000 executives at 51 units.

Regardless of a scale-down, the upcoming reshuffle will underscore the company’s focus on future concept cars under the IONIQ brand and connected car development in collaboration with Cisco Systems Inc.

By Park Chang-young

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