New Delhi: YK Koo, managing director of Hyundai Motor India Ltd, has stepped down and will be replaced by Seon Seob Kim, senior vice-present in the operations strategy division of Hyundai Motor Co., the South Korean company said on Friday.
Koo, who was given an extension last year, has been called back to the headquarters in Seoul, South Korea, the company said on its website. During his three-year tenure, Hyundai’s Indian subsidiary largely stagnated with the company remaining at 17% market share on an average. In contrast, market leader Maruti Suzuki India Ltd raised its market share to 51% in FY 2018 from 45% three years ago.
However, under Koo’s leadership, Hyundai successfully established itself as one of strongest players in the utility vehicle segment in India. It also brought back its popular compact hatchback brand Santro just before Diwali.
Koo took charge of the Indian unit in November 2015, months after the launch of Creta, a sport utility vehicle (SUV). During his tenure, the new Santro was the only product to be launched by the company in the mass market segment in the country.