BMW Korea, the local unit of the German luxury carmaker, has named CEO Kim Hyo-joon as chairman, effective as of Jan. 1 next year, the company said Wednesday.
Han Sang-yun, head of BMW Malaysia, will replace Kim as CEO starting March 1, 2018.
“Kim will continuously assume responsibility for representing the Korean subsidiary of BMW Group as the CEO and Han Sang-yun will take charge of overall business operations. BMW Group Korea is now set to embark on its management succession process,” Hendrik von Kuenheim, senior vice president of Region Asia, Pacific and South Africa of BMW Group said in a statement.
|BMW Korea CEO Kim Hyo-joon will take post as chairman and CEO as of early next year. (BMW Korea)|
Kim, who has been heading the local unit since 2000, will also maintain his status as CEO until 2020.
It is the second time BMW has opened the chairman’s post at its overseas company.
Officials from BMW’s headquarters had visited Seoul last month and discussed about the reshuffle.
|Newly appointed CEO of BMW Korea Han Sang-yun (BMW Korea)|
It has been a hard year for the automaker, with the Ministry of Environment imposing BMW Korea the highest-ever fine for a carmaker of 60.8 billion won ($54.5 million) over sloppy documentation of some 80,000 vehicles last month.
By Kim Bo-gyung (firstname.lastname@example.org)