Dr Pawan Goenka, who is heading the Automotive & Farm Equipment Sectors at Mahindra has been appointed the Chairman of Ssangyong Motor Company (SYMC) at a meeting of the newly appointed Board of Directors of the company in Korea. The new CEO of SYMC will be Mr. Yoo-il Lee, while Mr. Dilip Sundaram from Mahindra will be the new CFO.
Mr. Yoo-il Lee is also the Legal Trustee / Chairman, Ssangyong Motor Company, Seoul Korea and has been associated with Hyundai in the past. Mr Lee was the Former President & C.E.O of Hyundai Motor North America (U.S.A. and Canada) and a Former President, Hyundai Development Company (construction & engineering), Seoul, Korea
Speaking on his appointment as Chairman of SYMC, Dr Pawan Goenka said, “It is a matter of great pride for me to be appointed Chairman of one of Korea’s premier automotive companies. With the support of the local management, Mahindra and SYMC will emerge as a strong force in the global utility vehicle space. We are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory.”
“Mahindra brings with it a great deal of passion, domain expertise and knowledge of the global UV market, as India’s leading utility vehicle (UV) manufacturer. All of us at SsangYong look forward to working closely with the Mahindra team to help develop a new product portfolio and gain momentum in overseas markets,” said Mr. Yoo-il Lee, CEO, SsangYong Motor Company.
For Mahindra, the biggest benefit from this partnership will be the opportunity to harness synergies between the two companies, while protecting their respective brand identities and ensuring quality. Towards this end, a Synergy Council comprising of senior management from both companies will be established to ensure focus and delivery of synergies between the two companies. The Council will focus on various aspects such as global procurement, new car development and business strategy to penetrate international markets.