[THE INVESTOR] Halla Group Chairman Chung Mong-won, 62, is resuming his position as CEO of the group’s auto parts unit Mando after a five-year-hiatus, according to the company on Oct. 25.
The decision was made as part of an annual executive-level reshuffle. Chung, who had stepped down as CEO in May 2012, is expected to accelerate future car technology development at Mando -- a key Halla affiliate.
“The move will prepare (Mando) to find a solid footing in the fast-changing auto industry, as well as prepare for another leap forward,” the company said. Sung Il-mo, who served as Mando’s CEO, has been appointed as CEO of Halla Holdings, the group’s holding firm, it added.
Halla Group Chairman Chung Mong-won
Chung is the second son of Halla’s late founder and Honorary Chairman Chung In-yung. He bought back Mando from a foreign consortium in 2008 and rebuilt the firm. In 2012, he left Mando to focus on the conglomerate’s sluggish construction business.
Mando has been ramping up R&D to develop car technologies to diversify its clientele to beyond Hyundai Motor and Kia Motors. Earlier this year, it set up a new office in Silicon Valley to speed up the development of autonomous technology. The firm also opened its second Indian R&D office in Bangalore earlier this month.
By Ahn Sung-mi (firstname.lastname@example.org)