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Hyundai India rejigs top management

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Hyundai Motor India (HMIL) today announced a top management change with the appointment of Bo Shin Seo as its new managing director.

Seo will replace Han Woo Park, who returns to Korea as chief financial officer of Kia Motors, an arm of the company's parent firm Hyundai Motor Co, HMIL said in a statement.

The change is with effect from today, it added.

Prior to his elevation, Seo was executive director (production), a position he held for the two years. He is an engineer by training and also was Hyundai's production head at Alabama plant in the US, it said.

Park, who had been in India for nine years, had become managing director of HMIL in November 2009. His departure comes at a time when the company has witnessed almost flat growth in sales amid a slump in the automobile market.

In 2011, the company sold 3,73,709 units in the domestic market, up 4.8% from the previous year. Its exports from declined 1.9% during the year to 242,330 units.

HMIL's domestic sales grew 12.9% in February this year compared to the same month last year at 36,805 units. Exports, however, were at 15,050 during the month down 22.3% from February 2011.