-To enhance management efficiency and establish a responsible management system, executive director Ki-young Hwang, head of the Overseas Business Headquarters, and executive director Jang-ho Park, head of the Production Headquarters, were newly appointed as CEOs along with current chairman Jea-sun Kwak

- KGM to implement an executive management system centered around the overseas & domestic businesses and production by appointing the new CEOs

- KGM to increase global sales and grow as a sustainable company by launching various new models, actively exploring new markets, and strengthening global marketing activities

[May 13th, 2024] On May 13th, KG Mobility (www.kg-mobility.com/en, hereinafter referred to as KGM) announced that it held a meeting with shareholders and board of directors at its headquarters in Pyeongtaek and appointed new CEOs.

By appointing the executive directors Ki-young Hwang, head of the Overseas Business Headquarters and Jang-ho Park, head of the Production Headquarters as CEOs, KGM plans to transition to a management system of 3 CEOs with the two new CEOs and current chairman Jea-sun Kwak.

KGM stated that the appointment of the new CEOs was based on the company's plan to strengthen its management efficiency and implement an executive management system centered around the domestic and overseas businesses, service business, and production.

The newly appointed CEO Ki-young Hwang, who joined KGM's Overseas Business Headquarters in 2023, served a crucial role in KGM's achievement of its highest export performance in 9 years by focusing on new market development and new product launches. He will now manage the overall operations of both domestic and export businesses.

Led by a consistent increase in export sales, KGM was able to record its first surplus in 16 years in 2023, as well as its highest annual revenue since its founding in 1954.

Starting with the global launch of the Torres EVX in the Turkish and New Zealand markets in March, KGM plans to increase sales volume by expanding its presence in emerging markets and strengthening global marketing activities. The company's upward trend shown by a year-on-year export growth of 39.4% recorded this April has also bolstered expectations.

Furthermore, the newly appointed CEO Jang-ho Park, who has managed the company's production and labor affairs since its days as Ssangyong Motor Company, is a specialist in maximizing production efficiency, managing product quality and establishing cooperative labor-management relations. He will now manage the overall operations of the production headquarters.

KGM has constructed a mixed production line capable of producing both monocoque and body-on-frame type vehicles in the previous body-on-frame line through a renovation process that took place last year. This not only enhanced productivity and equipment efficiency but also enabled flexible production responses to changes in sales volume by vehicle type.

Furthermore, KGM has been establishing a stable and constructive labor-management culture based on a mutual growth between labor and management over the past decade, culminating in concluding labor negotiations without disputes for 14 consecutive years since 2010.

A KGM official stated, "By appointing the heads of the overseas business headquarters and production headquarters as CEOs, the company has been able to establish not only improved management efficiency but also a responsible management system." They further added, "We will continue to expand new product launches, aggressively explore new markets, and strengthen diverse marketing activities in the domestic and global markets to increase sales volume and grow as a sustainable company."