Hyundai shakes up US executive ranks with new chief [ Yahoo / News / Business ]

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Hyundai shakes up US executive ranks with new chief

Tue Jan 17, 4:36 PM ET

Hyundai Motor America replaced its chief executive officer following a year of rapid sales growth and expansion for the South Korean automaker.

Hyundai did not immediately return a message asking whether top US executive Bob Cosmai had resigned or been fired.

A press release stated that senior executive vice president OS (Owen) Koh was selected to replace Cosmai in order "to streamline the decision making process."

"Bob has done a fine job of leading the company's sales efforts for five years and later serving as its president for the last two years," Koh said in the statement.

"We appreciate his many accomplishments and wish him the best in the future."

Koh has been at Honda Motor America since 2005 where he served as chief executive coordinator.

He had previously served as president and chief executive officer of Translead, a Hyundai subsidiary in San Diego, California, and has worked in various positions in the United States for more than 12 years.

South Korea's largest automaker is in the midst of introducing seven new models in the US market after having opened its first assembly plant in the US last year.

Last year, Hyundai saw sales grow 8.7 percent to 455,012 vehicles to capture 2.7 percent of the massive US market.

Hyundai's US sales target for 2006 is to grow about 10 percent in order to top the 500,000 vehicle mark for the first time, John Krafcik, vice president of product development and planning at Hyundai North America told AFP in an interview last week.

That growth could include the introduction of several more models in the near-term, he said adding that Hyundai is considering adding another "crossover" sport utility vehicle to its lineup and is also looking at introducing a truck.

Hyundai subsidiary Kia also said recently it is expects to make a decision in the coming weeks on the location of its first US assembly plant.

Kia will introduce six new products in the United States in 2006 and expects to expand sales by three to four percent, Kia Motors America chief operating officer Len Hunt said last week at the Detroit auto show.

출처 : yahoo / news / business / afp