[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.
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.
