It is announced that Mark Juhn, who has led Hyundai Corporation for 3 years and successfully recovered it from its tormented red figures, consequently turning to black, would leave his office at the end of the next month as his term expires.
On 12th, Hyundai Corp. also announced that Mark pleasurably made his decision to leave his office as he thought his duties are almost done, for instance, the improved corporation’s financial status and new driving forces established in order to make way for his juniors. As a matter of fact, last September, he actually spoke his mind to the creditors that he would like to retire at the end of his term.
Mark, who is versed in overseas sales as the former president of Hyundai Motors USA and vice president of KIA Motors, has been urgently called instead of the former president, Park Won-jin in March, 2004 and recognized as a successful usinessman, based on his achievements that he made Hyundai Corporation going into red ink turnaround only for 3 years with his unique business philosophy such as ‘speed management’ and ‘100 Celsius theory.’
Hyundai Corporation steered by Mark Juhn could be promptly recovered as fast as his business philosophy, ‘speed management’. Upon the installation, he daringly cleared away inactive business and concentrated on developing new markets and new
products as well as reconstruction such as activating tripartite business, with which he could successfully turn to black in the first year of his office, clearing up red for the last 4 years and keeping it activated for the next 3 consecutive years. Last year, the corporation marked ‘B’ business results, escaped from its impaired capital and elevated stock price up to 19,000 won from 1,700 won, the initial price as he took the office.
In addition, he also made efforts to develop long-term and stable profit sources for the future, not just to improve short-term performance. While concentrating on strategic overseas resource development such as Yemen LNG project and Vietnam 11-2 mining area and securing new driving forces, based on manufacturing, he also organized Qingdao Shipbuilding, a small and mid size shipbuilding company first time in general trading business world, indebted to his energetic leadership.
It is unknown yet what he plan to do after the retirement but it is estimated that he would think of a new job to display his ability on overseas sales as he accumulated about 30 years.
On the other hand, as Mark Juhn retires, the CEO candidates will be recommended to Hyundai Corporation BOD by the personnel committee consisting of the creditors and a new CEO will be appointed in the general stockholder’s meeting in March.