Synopsis
Kia Motors has reappointed Song Ho-sung as CEO for another three years following a shareholders' meeting in Seoul. Under his leadership since 2020, the company achieved record sales and is focusing on electric vehicles and purpose-built vehicles in the upcoming year.Key Takeaways
- Kia Motors reappoints Song Ho-sung as CEO.
- Record annual sales of 100 trillion won achieved.
- Focus on electric vehicles and purpose-built vehicles.
- Increase in board member compensation approved.
- Stock buyback plan to enhance shareholder value.
Seoul, March 14 (NationPress) On Friday, Kia Motors appointed Song Ho-sung as CEO for a third consecutive three-year term during the shareholders' meeting held in Seoul. Since taking the helm in 2020, Song has led Kia to unprecedented success, including a record annual sales figure of 100 trillion won (approximately US$68.7 billion) last year, as reported by Yonhap news agency.
During the meeting, Song presented Kia's strategic initiatives for the upcoming year, highlighting the company's focus on accelerating the adoption of electric vehicles (EVs) and expanding its purpose-built vehicle (PBV) business.
Shareholders also voted in favor of increasing the maximum compensation limit for board members from 8 billion won to 17.5 billion won to align with the remuneration for Hyundai Motor Group Executive Chair Euisun Chung.
Chung previously received compensation from Hyundai Motor Co. and Hyundai Mobis Co., but not from Kia despite his role as a registered executive. According to a regulatory filing by Hyundai Motor, Chung's total compensation from both companies last year was approximately 11.5 billion won.
Additionally, shareholders approved an amendment to Kia's articles of incorporation to include real estate development in the company’s objectives, a move aligned with plans to create flagship stores.
Kia also announced a stock buyback of 3.49 million common shares valued at 350 billion won from March 20 to June 11 to enhance shareholder value, with plans to cancel all shares by the third quarter.
Kia's sales in February increased by 4.5% compared to the previous year, driven by rising demand domestically and internationally. The automaker, a subsidiary of Hyundai Motor Co., sold 253,850 vehicles last month, up from 242,917 units in February of last year.
