3 financial affiliates of HHI undergo restructuring

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3 financial affiliates of HHI undergo restructuring

Hyundai Heavy Industries has kickstarted the reorganization of its financial arms Hyundai Finance, Hyundai Venture Investment and Hyundai Futures, the company said on Friday.

Hyundai Finance Chairman Chung Mong-il, the eighth son of Hyundai Group scion Chung Ju-young, will resign. He will also retire from the chairman position at Hyundai Venture Investment.

Kim Jae-geun, the current CEO of Hyundai Finance, will also leave. Hyundai Finance and Venture Investment will not have CEOs for some time, and Hyundai Heavy Industry executives will oversee the companies until the positions are filled.

Current Hyundai Futures CEO Kim Gwang-nam will also resign. He will be replaced by Hyundai Heavy Industries Chief Financial Officer Cho Young-cheol, who will maintain his position as Hyundai Heavy’s CFO.

Hyundai Heavy Industries said the restructuring of the financial arms was part of the group’s larger reshuffling efforts. Hyundai Corporation acquired its resource development affiliate earlier this year.

“We are in the process of reorganizing our affiliates to maximize efficiency, and decisions regarding the financial arms were part of that process,” a Hyundai Heavy Industries official said.

“We believe they could see more synergy with our brokerage affiliate HI Investment & Securities,” she said, adding that all three financial companies have seen losses in recent quarters.

BY PARK JUNG-YOUN [jungyoun.park@joongang.co.kr]
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