- During the BOD meeting that was held after the annual shareholders' meeting, CEO Hyung-Tak Choi, whose term expired, was reappointed
- During the annual shareholders' meeting, SsangYong Motor received approval for its 2007 business performance: Sales volume of 3.1193 trillion won and operating profit of 44.1 billion won
SsangYong Motor (CEO and President Hyung-Tak Choi,www.smotor.com) held the 46th Annual Shareholders' Meeting at the company's headquarters in Pyeongtaek on March 28. The company announced that it received approval for the reappointment of a director, the appointment of an Auditing Committee member (outside director), and the 2007 business performance.
SsangYong Motor received approval for its 2007 business performance ？ sales volume of 3.1193 trillion won, an operating profit of 44.1 billion won, and a net profit of 11.6 billion won; reappointed CEO Hyung-Tak Choi, whose term expired, as an inside director; and appointed financial expert Professor Hyo-Ik Lee of the School of Business Administration of Sungkyunkwan University as an Auditing Committee member.
During the BOD meeting that was held after the shareholders' meeting, inside director Hyung-Tak Choi was also reappointed as a co-representative director. This means that the current structure of having three representative directors will continue. The two other representative directors are representative director Haitao Zhang and co-representative director QingSong Lan.
There are several reasons why CEO Hyung-Tak Choi was reappointed as an inside director and co-representative director:
After being appointed as the CEO in March 2006, CEO Choi laid the foundation for management normalization by enabling the company to bounce back into the black after operating in the red for three years.
This was made possible by implementing management innovation activities, such as 6-Sigma, and reducing costs. In addition, CEO Choi opened the door to a new labor union-management relationship by enabling the company to become the first in the domestic auto makers to complete wage negotiations without any conflict.
CEO Choi also enhanced SsangYong Motor？s product development capabilities to the global level, as proven by the successful development of the recently released Chairman W, Korea's flagship large sedan. The reappointment was the result of recognition for CEO Choi's considerable contributions to the development of the company.
CEO Hyung-Tak Choi said, "I will make utmost efforts so that SsangYong Motor faithfully implements its mid- to long-term development strategies by creating synergy effects with SAIC Motor based on close cooperation. Efforts will be made to enable SsangYong Motor to become a comprehensive automobile company with a full line-up by 2011 and grow into a global auto maker that ensures customer satisfaction based on better quality and services."