Two R&D vice chairmen of Hyundai offer to resign

Hyundai Motor’s two vice chairmen in charge of research and development (R&D) have offered to resign, three people knowledgeable with the matter informed Reuters.

R&D president Albert Biermann is likely to be selected as the new head of the division, two of them said, refusing to be named as they are not authorized to discuss with media.

Hyundai is battling a plunge in sales, profits and its share cost, and the reshuffle would be recent since it promoted Euisun Chung in September to executive vice chairman, moving him nearer to succeeding his octogenarian father as head of the company.

The group has appointed new product strategy, design chiefs and replaced senior executives at its foreign operations, consisting China and the United States.

The recent shake-up at the group, which consists Hyundai Motor and its affiliate Kia Motors, could be declared on Wednesday, one of the sources stated.

It is “part of a generational change Chung is pushing for”, another individual stated.

A Hyundai Motor spokesman refused to discuss.