On Monday, Hyundai Motor Group, the second-biggest corporate of South Korea, has confirmed that after the annual reshuffle, they had promoted 348 executives, whereas the profit percentage is reduced by 5 percent from last year due to the growing business uncertainty. As announced by flagship unit from the Hyundai, the report of fourth consecutive decline in annual profit has made them to focus on slashing costs, while they cut down the pay for some of the executives.
The prosecutors who were investigating the political scandal involving South Korean President Park Geun-hye questioned some of the senior executives and confirmed that Hyundai Motor and Samsung Group which were owned by big families have delayed the release of annual promotions that are usually announced in the end of the year.
It is noted that so far none of the executives from the major companies have been charged for any malpractices. This management decision is done after considering various accounting situations.
One among the promoted executives is Jang Woong-jun, who is dealing with developing technology for self-driving cars. Jang, who studied at Stanford University, has been promoted to the post of a director, and he is the youngest executive at the age of thirty seven.
Hyundai Motor Group trails Samsung Group in terms of assets, and it also includes 51 subsidiaries including Hyundai Motor, Kia Motors, Hyundai Mobis and Hyundai Steel.
