Hyundai CEO resigns

Hyundai CEO Steve Yang is resigning for personal reasons.

Hyundai Motor has announced that its chief executive officer, Steve Yang, has resigned. The Korean automaker says that Yang's decision to step down was based on personal reasons.

Yang was named company CEO in 2009 and oversaw the automaker's tremendous growth. Yang served as CEO alongside founding family member Chung Mong-koo.

Yang leaves some big shoes to fill and, as such, Hyundai will fill his position with two executives. Kim Choong-ho will handle the automaker's domestic business while Kim Seung-tack will head Hyundai's overseas business.

Hyundai says it is currently searching for a new CEO, but has yet to reveal a timeframe for that decision.

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