- Kook-Jin Yoon takes over role of President and CEO
- Outgoing CEO Noi-Myung Kim promoted to Vice Chairman
SEOUL 1 September 2003 - Kia Motors Corporation, Korea`s oldest and second largest automobile manufacturer, has appointed a new President and CEO. Mr. Kook-Jin Yoon takes over the chief executive role from Noi-Myung Kim, effective immediately.
Mr. Yoon joined Kia in 1998 from sister company Hyundai Motors. His previous role was Senior Executive Vice President in charge of the management support division.
Mr. Yoon`s background includes significant experience in human resource management, labour relations and general affairs.
Mr. Noi-Myung Kim has been promoted to Vice Chairman of Kia Motors Corporation. Mr. Kim joined Kia Motors in 2001 as President and CEO.
After assuming the top position, Mr. Kim increased Kia`s sales from $10.3 billion to $14 billion and raised net income from $460.0 million to $534.3 million in 2002. First half figures for 2003 show a 32.9% increase in export volume, over last year, a 13.6% rise in revenues and a net income increase of 17.4%.
Mr. Kim thus leaves Kia Motors in the strongest financial shape in the company`s history, a fact that was reflected earlier this month when Standard and Poor`s upgraded Kia`s credit rating to BB+ with a positive outlook.
In a related promotion, Kia Motors` COO Yong-Hwan Kim was raised from Executive Vice President to Senior Executive Vice President. His role and responsibilities remain unchanged. Mr. Yong-Hwan Kim is the Head of Kia`s international business division, responsible for overseeing the company`s activities in 190 countries around the world.
Founded in 1944, Kia Motors Corporation (www.kiamotors.com) is Korea`s oldest manufacturer of automobiles. A part of the Hyundai Automobile Group, the company currently sells more than one million vehicles per year worldwide and maintains a network of distributors that covers 190 countries. Kia Motors is the major sponsor of the Australian Tennis Open and the international sponsor of the Davis Cup for the Euro/Africa zone.