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Hyundai Capital Services’ vice chairman and chief executive officer, Chung Tae Young, was said to have resigned and will be stepping down after serving the company for 18 years. He is also said to be leading Hyundai Commercial and Hyundai Capital while with the company.
According to The Korea Times, the executive is also known as Ted Chung since he does a lot of businesses overseas. Based on the details from business insiders in the financial sector, his exit will be formally announced at an upcoming board meeting at Hyundai Capital that was scheduled at the end of this month.
Observers think that Chung Tae Yong tendered his resignation from the auto financing firm so he can dedicate more time and focus more on Hyundai Card and Hyundai Commercial. He may be planning to create more innovation as the business environment is changing rapidly.
It was added that since he has been assigned as a CEO of two units in April, the dual role was already an indication that he will eventually be leaving one of them in the future. And with his resignation, this assumption seems to be correct since he reportedly chose to focus on Hyundai Card.
Now that he will be shifting his attention to Hyundai Card and Hyundai Commercial, it was reported that the unit that he will leave, which is the Hyundai Capital, is also expected to undergo some changes as its new focus is to create more synergy with major vehicle firms and later on, bring about innovative changes in the mobility business.
In any case, with Hyundai Card and Hyundai Commercial, Chung Tae Young will work on growing the company further and venture into digital technologies including data science and artificial intelligence (AI) fields. Now, as he leaves, he will be replaced by Mok Jin Won and will take charge of Hyundai Capital.
Finally, Korea Joongang Daily added that a new board member will be voted and assigned to replace the outgoing CEO. At Hyundai Card, Chung will be keeping his post and title of vice chairman and chief executive.
