– SOUTH KOREA, Seoul – Hyundai Mobis (KRX:012330) today announced the addition of Dr Karl Neumann and Brian Jones to its Board of Directors as global Independent Directors
At the board meeting on 26th, Hyundai Mobis decided on appointing two global independent directors. The resolutions adopted at the BOD meeting which are subject to shareholder meeting approval will be submitted to the upcoming annual general shareholder meeting next month.
This is to establish a transparent and rapid decision-making system to effectively contend with the rapidly changing business environment amid the Fourth Industrial Revolution, and enhance both corporate and shareholder value based on strong trust with stakeholders including shareholders.Hyundai Mobis will be appointing 2 global experts who are considered leading global specialists in technological strategies in future vehicles and financial investments. This is the first time since its foundation that the company is appointing foreign independent directors, and Hyundai Mobis becomes the only company to have 2 global directors among the top 10 market value companies on the Korea Stock Exchange.
Currently, the board of directors at Hyundai Mobis consists of 4 internal and 5 independent directors. Of the two foreign directors, one will replace an existing one whose term will end in March and the other will fill in the seat that has been vacant since last year.
This is based on the judgment that, in order to promptly deal with the rapidly changing business environment, it is necessary to organize independent directors with leading experts that have a broad range of global experience.
First, Hyundai Mobis decided to appoint Dr. Karl Thomas Neumann, a former CEO with experience as a professional engineer, to reinforce competitiveness in the field of technological strategy for future vehicles.
Dr. Neumann is a leading expert in business & product development from Germany, encompassing not only the overall automotive industry but also the future mobility market. Starting out as an automotive semiconductor director at Motorola, he served as CEO at global automotive supplier Continental AG, also as CEO of Volkswagen Group China, and OPEL in Germany.
Currently, he is in charge of mobility, including sales, marketing and digital strategy at Evelozcity, a startup in the field of electric vehicles and new mobility solutions in California. Based on his current experience at a startup in addition to an automotive materials company, tier 1 supplier and global automaker, he is considered a well-experienced leader in the automotive industry with a background in everything from R&D to business development and management. His experience in working in major global fields of the automotive industry such as Europe, China and United States is also a great competitive edge.
To promote expertise in finance, Hyundai Mobis also decided to appoint Brian D. Jones as an independent director, who is an investment specialist in the U.S. Currently, he is a co-president of the US investment company, Archegos Capital Management and is well known as a leading specialist in M&A and investments. For more than a decade, Mr. Jones served as a senior managing director of IB division at Bear Stearns, formerly one of the 5 largest investment banks on Wall Street. He has served as board member of numerous US financial institutions.
His experience and expertise in corporate value analysis and M&A as an American Institute of Certified Public Accountants will help Hyundai Mobis make investment decisions for future growth.
Once Hyundai Mobis recruits global experts in technological strategy and finance, the company will have 5 independent directors representing each field of expertise, including 3 existing directors. Hyundai Mobis explains that this will promote diversity, expertise and independence of the board of directors as constantly emphasized by the company, thereby maximizing corporate value.
In addition, to promote transparency and independence of the board of directors, Hyundai Mobis decided to newly appoint an independent director through shareholder nominations when the term of a current independent director comes to an end in 2020.
About Hyundai MOBIS
Hyundai Mobis is a global tier-1 automotive supplier. It was established in 1977, and is headquartered in Seoul, Korea. The corporate philosophy is to become a lifetime partner with technologies for automobiles and people.
Hyundai Mobis currently employs over 30,000 people. Manufacturing operations are in over 30 locations in 10 countries, including Korea, China, Germany, India, and the U.S. Products include automotive modules (chassis, cockpit and front-end), brakes, suspensions, airbags, lamps, and automotive electronics. R&D headquarters are in Korea with 4 technical centers worldwide, Germany, China, India, and the U.S.
Hyundai Mobis has mass-produced a great number of ADAS technologies and electrification components.
For more information : http://www.mobis.co.kr
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