Hyundai Heavy Industries restructures financial units

Hyundai Heavy Industries is streamlining its financial units as part of an ongoing group-wide restructuring to ride out financial difficulties.

The shipbuilder said Friday that it would realign the businesses of Hyundai Finance Corp., Hyundai Venture Investment and Hyundai Futures as part of its large-scale restructuring efforts to streamline business operations and combat the group’s financial crisis.

Hyundai Finance chairman Chung Mong-il, the eighth son of the late Hyundai Group founder Chung Ju-yung, also stepped down from his post to take responsibility for the firms’ continued losses, the company said.

While he is also resigning from his position at Hyundai Venture, Hyundai Venture CEO Kim Jae-geun is also stepping down.

The shipbuilder said Hyundai Heavy executives would fill in for the exiting executives until the positions are filled.

Hyundai recorded losses for the sixth consecutive quarter earlier this year, posting an operating loss of 189 billion won and a net loss of 91 billion won in the January-April period,

(monicasuk@heraldcorp.com)