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[Alpha Biz=(Chicago) Reporter Kim Jisun] Seo Jung-sik, CEO of Hyundai Autoever, has resigned. Seo is currently under investigation by prosecutors over allegations of KT's 'investment in return for a favor'.
Hyundai Autoever announced on the 27th that it will change its CEO from Seo to Hwang Kyung-won, head of the planning and finance business department (director).
As a result, Hwang, head of the Ministry of Strategy and Finance, will serve as acting CEO until the new CEO is appointed.
Former CEO Seo promoted cloud business in KT Group from 2007 to 2014 and became a managing director. Since then, he has been appointed as the head of Hyundai Motor's Information and Communication Technology (ICT) division in 2018 and was appointed CEO of Hyundai Autoever in 2021.
Recently, it has been under investigation by prosecutors over KT's alleged purchase of a high stake in Hyundai Motor's affiliates. The prosecution seized and searched former representative Seo's residence on the 20th.
KT Cloud acquired a 100% stake in Spark, a vehicle cloud company, in September last year for 20.68 billion won. Spark is an affiliate of Hyundai Motor, founded by CEO Park Sung-bin, the east-west of Hyundai Motor Group Chairman Chung Eui-sun.
The prosecution is investigating that KT Cloud bought a stake in Spark for the purpose of investment.
An official of Hyundai Autoever declined to comment, saying, "I have nothing to say but resign for personal reasons."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
