What: Hyundai is renewing 3 CEOs within its retail subsidiaries including the department store one.

Why it is important: Hyundai feels the urge to inject fresh blood in their structure in order to adapt faster to new market conditions.

Hyundai Department Store Group has undertaken a significant leadership reshuffle, affecting 40 high-ranking executives across its subsidiaries, including appointing Jeoung Ji-young as the new President and CEO of its department store division.

The changes, which are smaller in scale than the previous year's, are aimed at introducing change within a stable framework, focusing on areas essential for future growth.

This move comes after a two-year period without major changes in subsidiary leadership. The reshuffle reflects the broader sense of urgency within Korea's "Big 3" retailers to adapt to a retail landscape transformed by the rise of e-commerce and altered consumer behaviours post-Covid. Shinsegae Group has already made substantial changes in September, and Lotte Group is anticipated to follow suit with its own executive changes to tackle performance issues.

Hyundai retail division reshuffles its leadership