Dr. Park initiated these changes to help Hyundai Electronics leverage the economies of scale of a large global corporation while responding to the marketplace with the speed of a small start-up. Dr. Park explained, “All this is being done to reestablish Hyundai Electronics as the best company in which to work, invest, and do business.” Dr. Park claims, “Hyundai will utilize a profit-driven strategy instead of its market share-driven strategy of the past.” To support a more efficient global company, Dr. Park recently appointed a key senior manager with significant management experience in the U.S. to oversee Hyundai Electronics’ financial and information technology operations. Jae Moon Hyun, the newly appointed Chief Financial and Information Officer, will be responsible for implementing and monitoring a new financial management system. Mr. Hyun will introduce a broad-based financial management system to ensure efficient and consistent reporting across all business units, while allowing each business unit with the operational flexibility necessary to increase profitability. Mr. Hyun obtained his BS degree in Accounting from Fordham University and his MBA at New York University. Prior to joining Hyundai, he served more than ten years as an executive at PriceWaterhouseCoopers in the U.S. Dr. Park also highlighted his strategy to focus on core competencies in three primary business areas: semiconductors, telecommunications, and liquid crystal displays. Dr. Park sees these industries as core strategic Hyundai Electronics businesses in the new digital era, and is empowering these three business units with full operational autonomy. Hyundai Electronics is in the process of spinning-off its non-core businesses: the Automotive Electronics unit and the Monitors unit. Advanced Financial Management and Reporting The new CFO/CIO, Mr. Hyun, will re-engineer Hyundai Electronics’ financial management system into a state-of-the-art information system. Mr. Hyun said, “This new financial system will improve Hyundai’s asset utilization.” In order to ensure a proper financial discipline, particularly in the area of capital expenditures, Hyundai Electronics plans to institutionalize a more rigorous investment decision process using advanced financial analysis techniques such as Economic Value Added (EVA) and Return on Invested Capital (ROIC). An investment evaluation committee is being established to evaluate all investment proposals (including those related to Research & Development and Capital Expenditures) with the rigors of a venture capital approach. Global Knowledge Management and e-Business Hyundai Electronics is integrating its enterprise resource planning (ERP) system, SAP R3 across its offices worldwide. When Hyundai completes its ERP integration effort later this year, it will be fully ready for Internet-based e-Business. Currently, many of Hyundai’s customers and suppliers engage in business using an Electronic Data Interchange model. Mr. Hyun will be responsible for integrating and deploying these ERP and e-Business systems. About Hyundai ElectronicsTM Hyundai Electronics is an industry leader in the development, manufacture, sales, marketing, and distribution of high-quality Semiconductors (including DRAM, SRAM, Flash memory, and System IC devices), Telecommunications, and Liquid Crystal Displays. In addition, Hyundai is expanding its System IC business unit with leading technology and added deep-submicron foundry services to strategically broaden its overall semiconductor presence and achieve its goal of leading the global semiconductor market. The Semiconductor Group of Hyundai Electronics is the world’s largest DRAM supplier with eleven semiconductor manufacturing facilities world wide, and production capacity of over 300,000 wafer starts per month. Based in Korea, Hyundai maintains development, manufacturing, sales and marketing facilities strategically worldwide. Hyundai Electronics America (HEA) is a U.S. subsidiary of Hyundai Electronics Industries Co., Ltd. HEA is headquartered at 3101 North First Street, San Jose, CA 95134. More information on Hyundai Electronics America and its products is available from the company’s web site at http://www.hea.com.
– Dr. Chong Sup Park, the newly appointed president and CEO of Hyundai Electronics Industries Co., Ltd. (Hyundai Electronics), today announced his new organization plans along with the appointment of a new CFO/CIO.
