SUNGKYUNKWAN UNIVERSITY (SKKU), SEOUL, KOREA

When it comes to Chief Financial Officers (CFO), there are three common things that other companies have that are not in Hyundai Motor Group. First, there is no CFO that handles everything for the entire Group like at Samsung and LG. Second, there is no one recruited from outside the Group. Finally, it is difficult to find a CFO in the Group that graduated from the so-called 'SKY universities' (Seoul National University, Korea University, Yonsei University).

Instead, it is commonplace to find people with 'finance-centric careers'. Even CFOs that worked partially in sales and marketing are non-existent. This is why Hyundai Motor's CFOs take on the title of 'Director of Finance & Economics' rather than 'Director of Business Management' which would make them responsible for finance as well as personnel and general affairs.

They lead in tackling weighty issues such as the takeover of Hyundai Engineering & Construction and the KEPCO site purchase with their expertise and tenacity. Through their effective financial operation they contributed to Hyundai Motor's ascent to the fifth leading automobile manufacturer in the world.

Independent finance and economy division system for each affiliate

Hyundai Motor Group has no one CFO who controls everything in the group; CFOs of affiliates work independently. Rather than handle managing finances from the group level, each company attends to its own accounting, cost control, investor relations (IR), and so on. When a project between affiliates or an investment plan needs to be controlled, the Department of Planning and Coordination led by Vice-chairman Kim Yong-hwan (59) intervenes. Won Jong-hun (54), Vice-president for Financial Affairs of Planning and Coordination serves as coordinator in affiliate matters.

Hyundai Motor Group explains that the smooth operations are credited to the many financial experts at all the affiliates. At the three main affiliates of Hyundai Motor, Kia Motors, and Hyundai Mobis, all of the CFOs started their careers at their respective affiliates.

Hyundai Motor's CFO is Lee Won-hee (55). Mr. Lee was born in Kimhae, in Gyeongsangnamdo. He graduated from Seoul's Daegwang High School and majored in business administration at Sungkyunkwan University. He received a master's degree in accounting at Western Illinois University in the United States. Ever since he joined Hyundai Motor Group in 1984, he worked in finance. After he led the Financial Team and Global Banking Team and was the director of finance and economics at a US affiliate he eventually became head of finance and economics of Hyundai Motors in December 2009. In 2011 he was promoted to vice president and became president the year before. He was appointed as the President of planning, marketing and sales in last December, including finance that he was already in charge of.

Kia Motors CFO, Vice-president Han Cheon-su (56), graduated from the Department of Economics at SKKU. After joining Kia Motors, he moved to Hyundai Steel in 2007 and worked as a director and an executive director of finance management. After being the executive director of finance management of Kia Motors in 2013, he was promoted to vice-president and has been working as head of finance and economics for Kia Motors since late last year.

Also, Hyundai Mobis' CFO is from inside the company. Choi, Byeong-cheol (57), Vice-President of Hyundai Mobis was born in Yecheon, Gyeongsangbokdo and graduated from Daechang High school and in 1987 from SKKU. He joined Hyundai Precision, the former Hyundai Mobis, and for nearly thirty years has been working in finance.

Promoting growth through business restructuring

Hyundai Motor Group's CFOs are leading important M&A deals and business arrangements to promote the growth of the company. In April of last year, Hyundai Engineering and Hyundai AMCO were merged into Hyundai Engineering. In September of the same year, they led the purchase of KEPCO's site which is now waiting for the construction to start on a new headquarters.

Recently they contributed to the expansion of the company into businesses other than automobiles. Hyundai Motor Group took over Hyundai Construction in 2011, and in 2013 merged Hyundai Steel and the COLD ROLLED (CR) department of Hyundai Hysco, finalizing the merger between the two affiliates by July. In banking, they took over HMC Securities and Hyundai Life, asserting its image as a financial corporation as well.