Hyundai Motor CEO Stepping Down By Year’s End
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DETROIT (AP) – John Krafcik, the president and CEO of Hyundai Motor America, is stepping down at the end of the year, the company announced Friday. He will be replaced by David Zuchowski, the current executive vice president of sales who joined the company in February 2007.
The automaker had a rough start to the year when its factories reached their maximum capacity to build cars. It ended up costing the company sales.
Hyundai’s U.S. sales were up only 1.9 percent for the first half of the year, less than a quarter of the overall market’s 8.4 percent growth rate.
Last year, the U.S. Environmental Protection Agency’s determined that that Hyundai and Kia overstated gas mileage claims on window stickers of 900,000 vehicles in the past three years.
“I am both humbled and excited to lead Hyundai Motor America into the next chapter by continuing to build on John’s great legacy, and focusing on what matters most – building the highest quality, safest and most diverse fleet of models that customers love,” Zuchowski said in a statement.
Hyundai Motor America, based in Costa Mesa, Calif., is a subsidiary of Hyundai Motor Co. of Korea.
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