The board of Ssangyong Motor, the nation’s fourth-largest automaker, owned by India’s Mahindra & Mahindra, appointed vice president Choi Johng-sik as its new CEO during the annual shareholders’ meeting in Seoul on Tuesday.
“Choi, who has been in charge of global sales and marketing for Ssangyong Motor since 2010, has shared the company’s vision and growth strategy,’’ the corporate board said, raising hopes that he will contribute to the automaker’s turnaround.
The board promoted current CEO Lee Yoo-il to vice chairman and requested him to hold an advisory role for two years.
“I feel a strong sense of responsibility that Ssangyong Motor is at a critical juncture for a turnaround after the successful launch of new Tivoli crossover (in January),’’ the new CEO said.
As an auto sales specialist in the global market, market analysts forecast Choi will drive overseas sales of the firm’s SUV brands, including Tivoli, while bolstering domestic sales. With the plunge in sales in Russia, one of the automaker’s strategic markets overseas, Choi is expected to tap new overseas markets, including the U.S. and China.
The new corporate head will also capitalize on the growth of the SUV market. Former CEO Lee hinted that the company is considering revamping its flagship large sedan Chairman into an SUV under the goal of regaining its glory as a global SUV maker.
Choi also has to put time aside for the improvement in labor relations.
