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Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

2020 Kia Soul Review | Everything you need to know

The 2020 Kia Soul finds itself at the heart of the growing subcompact crossover segment, offering a compelling blend of space, value and style. It wasn't always that way, however. Now in its third generation, the Soul was once a boxy oddball with few, if any, apples-to-apples competitors. Today, the subcompact crossover segment has effectively been built up around it, yet despite this competition, it remains one of the most characterful and well-rounded choices. A lack of all-wheel drive may be a detriment to some buyers, but it's also no longer alone in that regard. What's new for 2020? The Soul is all-new and represents the third-generation model, but it follows the same successful formula as its predecessors. Its trademark proportions have been maintained, and apart from more cargo capacity and a few extra inches in overall length, its dimensions inside and out are consistent. However, its styling has been reworked (note the wraparound LED taillights, the Kia grille that's been grossly enlarged and moved to the lower bumper, and the thin slit of lighting above) and the cabin features a new, more cohesive design that seems to wrap behind the dashboard from door to door (it's very Jaguar). The 2020 Soul also introduces two new models: the more rugged-ish, crossover-like Soul X-Line, and the sporty GT-Line, which is the only way to get the powerful turbocharged engine upgrade. Importantly, fuel economy has improved across the board, in part thanks to a new CVT transmission. What's the interior and in-car technology like? It's a shame that Kia didn't make the interior as fun and characterful as the exterior. It certainly funks things up a bit with triangular patterns in the doors, a squircle-shaped center infotainment pod and tweeters nestled into triangular air vents, but apart from the pricey GT-Line (see the red trim above), it's all rendered in various shades of black or dark grey, effectively hiding them in a colorless, drab interior. On the other hand, characterful interiors can also be ergonomically challenging (see Mini), and like other Kias, the Soul impresses with simple and easily reached controls — including the standard seven-inch touchscreen. You don't need to be a member of this car's Millenial (or younger) audience to figure the thing out. Apple CarPlay and Android Auto are standard, along with a single USB port (and an extra two arrive along with wireless smartphone charging in the EX and GT-Line 1.6T trim levels). How big is it?

Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.