Hyundai Motor promotes two presidents to vice chairmen

Hyundai Motor Co., South Korea’s top automaker, promoted two presidents to vice chairmen in December 2008 amid a series of measures to cut output in the wake of the deepening global downturn. Under the annual management reshuffle, President Choi Han-young and Lee Hyun-soon were named vice chairmen, the company said. Hyundai recently idled some of its domestic assembly lines to adjust production volumes as the global downturn lowered demand for new vehicles. Hyundai and its affiliate Kia Motors Corp. have also slashed their combined sales target for this year by 12.5%, from 4.8 million to 4.2 million units. (December 26, 2008)