Fountain Valley, Calif. -- President and Chief Executive Officer Robert "Bob" Cosmai announced a broad reorganization of Hyundai Motor America affecting many departments as part of a plan to prepare the company for continued growth in the future. The restructuring effort, spearheaded by Hyundai Motor America and supported by its parent, Hyundai Motor Company, elevates the responsibilities of several experienced Hyundai executives, eight of whom received promotions.
The reorganization streamlines the company from some 20 departments to 10 divisions, uniting related functions to improve efficiency and promote collaboration. The realignment improves Hyundai's ability to compete in the market, serve its dealers, work with its new factory and provide opportunities for its people.
Under Hyundai's new structure, all strategic corporate, brand and product planning activities are consolidated into a Corporate Planning Division, headed by John Krafcik, vice president, Corporate Planning, who joined the company in March.
The Parts and Service departments are combined into one group, headed by Frank Ferrara, executive vice president, of the new Parts and Service Division.
Finally, the newly formed Corporate Communications Division includes public relations, government relations and external diversity relations, and is headed by Chris Hosford, who was promoted to executive director.
Hyundai announced several other promotions of senior company officials including:
- Robert Davidson, previously Director, Tax and Customs; now Executive Director, Tax.
- Ruth Eisen, previously Director and Assistant General Counsel; now Executive Director and Assistant General Counsel, Corporate Law and Risk Management.
- Paul Koh, previously Director of Asian Marketing; now Executive Director, Internal Audit Division.
- John Minakary, previously Director, Internal Audit; now Executive Director, Strategic Planning Division.
- Kathy Parker, previously Director; now Executive Director, Human Resources and Community Relations. Parker also assumed responsibility for a new charitable foundation which consolidates all of Hyundai Motor America's charitable contributions.
- Paul Sellers, previously Director, Marketing; now Executive Director, Marketing Division.
- Tom Vanderford, previously Director and Assistant General Counsel; now Executive Director and Assistant General Counsel, Product Liability.
"Hyundai Motor America is in a stronger position to help Hyundai Motor Company grow into one of the world's top five automakers by the end of the decade because of our new streamlined and efficient divisional structure," said Cosmai. "This is also an opportunity to reward many of our valued employees with promotions, or provide them with new responsibilities and opportunities for growth in the future."
Under the reorganization, Marketing remains under the direction of Sellers. Ed Bradley, vice president, National Sales remains in charge of Hyundai's four geographic sales regions. Executive Vice President Keith Duckworth remains head of Administrative Services, which includes human resource, purchasing and operations. The Finance Division will continue to be headed by CFO James Choi. Executive Vice President Jerry Flannery remains head of Hyundai's Legal Division. The Internal Audit Division, responsible for operations and dealer audits, will be managed by Koh. Richard Hoffman, director of Information Technology remains head of Hyundai's IT Division.
The company reorganization will help Hyundai reach its U.S. sales goals of 500,000 vehicles in 2005 and 1 million by 2010. Hyundai plans to add several all-new and redesigned models to the vehicle line up over the next three years as part of its growth plan.
Hyundai sold a record 400,221 vehicles in the United States in 2003 and will open its first North American manufacturing facility, located in Montgomery, Ala., in March of 2005.