LOS ANGELES -- John Krafcik will step down as CEO of Hyundai Motor America at year end, capping a five-year run during which he steered the Hyundai brand to record U.S. sales and market share. Krafcik will be succeeded by Dave Zuchowski, Hyundai's executive vice president of U.S. sales, on Jan. 1.
Dave Zuchowski named CEO of Hyundai Motor America, succeeding John Krafcik
Abrupt change comes as sales growth slows
A Hyundai spokesman declined to say whether Krafcik was retiring or whether he planned to take another job elsewhere. According to a Hyundai statement, Krafcik's contract with Hyundai expires Dec. 31.
The abrupt change atop Hyundai's U.S. management comes as the company's U.S. sales growth has slowed. Zuchowski will become Hyundai America's sixth CEO since 2003.
"Dave has consistently distinguished himself as a results-oriented and motivational leader in our industry," Hyundai CFO Im Tak Uk said of Zuchowski in the statement. "During his time at Hyundai, Dave has been instrumental in our growth, especially among our dealers. He exhibits a rare combination of passion, intelligence, creativity and diligence, and we are confident that he is the right choice to build on John's momentum and take Hyundai to new and greater heights."
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