Vice Chairman Jung Tae-young Focuses on Hyundai Card... Resigns as CEO of Hyundai Capital

Speeding Up the Construction of Hyundai Card Data Platform

Chung Tae-young, Vice Chairman of Hyundai Card

[Asia Economy Reporter Ki Ha-young] Jung Tae-young, Vice Chairman of Hyundai Card, is stepping down as CEO of Hyundai Capital to focus on managing Hyundai Card and Hyundai Commercial.

According to business and financial circles on the 6th, Vice Chairman Jung has decided to resign from his positions as CEO and inside director of Hyundai Capital and has communicated his intention to resign to Hyundai Motor Group. Hyundai Capital is expected to hold a board meeting soon to discuss the agenda of Vice Chairman Jung's resignation from the CEO and inside director positions. Hyundai Capital will continue to operate under the current CEO Mok Jin-won, and the new inside director is likely to be appointed at a future extraordinary shareholders' meeting.

Vice Chairman Jung's resignation as CEO of Hyundai Capital has been under review since the beginning of the year, and it is reported that steps such as the introduction of co-CEOs and the dissolution of common organizations have been gradually prepared for this purpose.

This decision is interpreted as an effort to focus on securing future growth engines for Hyundai Card and Hyundai Commercial, while Hyundai Capital aims to strengthen synergy with the finished car sector in line with the transition to the future mobility industry.

Going forward, Vice Chairman Jung is expected to concentrate on enhancing the future capabilities of Hyundai Card and Hyundai Commercial. He plans to focus on securing future growth engines in new business areas such as data platform construction and digital services. So far, Vice Chairman Jung has introduced 'digital transformation' that combines finance and digital technology, providing product design and customer-tailored services based on this foundation.

Meanwhile, some speculate that Vice Chairman Jung's resignation as CEO of Hyundai Capital could signal a possible separation of the group's affiliates. In response, Hyundai Motor Group emphasized, "We are not considering any separation of affiliates at all."

This content was produced with the assistance of AI translation services.