South Korean manufacturer Ssangyong Motors has appointed former Hyundai Sales Head as their own CEO. Choi Johng-sik will try to steer the manufacturer back into profits. Currently they are facing tremendous losses in several markets around the world.
Current CEO of Ssangyong Motors is Lee Yoo-il and Choi Johng-sik will take over the reigns. The new CEO, however, has to be receive approval from Ssangyong's stakeholders and board members. This approval for a new CEO will be finalised in March, 2015.
Lee Yoo-il will be stepping down to take the position of Vice Chairman of Ssangyong. Choi Johng-sik had been working for Hyundai Motors for approximately 30 years. He called it quits in 2005 and joined a few companies before working with Ssangyong in 2010.
The new CEO of Ssangyong will be given the responsibility of making Russia, China and several other countries stronger markets for their products. The South Korean automobile manufacturer has faced operating losses worth USD 70 million in 2014, while in 2013 they lost USD 81 million.
Ssangyong recently launched its all new SUV, which has been christened as the ‘Tivoli'. The manufacturer is high expectations from their new global product. It was launched in South Korea, however, it will be coming to India soon. Owing to its Indian ownership by Mahindra & Mahindra. They will be entering US as well with its Tivoli to boost sales.