* Hyundai Motor Group promotes 348 execs, down 5.4 pct vs
* Flagship unit posts 4th consecutive annual profit fall in
(Add Hyundai comments, background)
SEOUL Feb 6 Hyundai Motor Group, South Korea's
second-biggest conglomerate, said on Monday that in an annual
reshuffle it has promoted 348 executives, down 5 percent from
last year, due to "growing business uncertainty".
The revamp comes as Hyundai Motor Group focuses on slashing
costs, including cutting executive pay, after flagship unit and
automaker Hyundai Motor posted its fourth
consecutive annual profit decline in 2016.
Big family-owned conglomerates like Hyundai Motor Group and
Samsung Group have delayed their year-end annual promotions,
after senior executives were questioned by prosecutors
investigating a political scandal involving South Korean
President Park Geun-hye.
None of the executives of the major conglomerates have been
charged with any wrongdoings so far.
Hyundai Motor Group said its management reshuffle "takes
into account various situations", but did not elaborate on the
change in its timing.
Among those promoted was Jang Woong-jun, who is involved in
developing technology for self-driving cars. Jang, who studied
at Stanford University, has been promoted to the post of a
director, making him the youngest executive of the group at the
age of 37.
Hyundai Motor Group trails Samsung Group in terms of assets,
and has 51 subsidiaries, including Hyundai Motor, Kia Motors
, Hyundai Mobis and Hyundai Steel
(Reporting by Hyunjoo Jin; Additional reporting by Ju-min Park;
Editing by Muralikumar Anantharaman)