Ssangyong Motor

SEOUL, March 31 (Yonhap) -- The board of directors and shareholders of SsangYong Motor Co. on Friday agreed to re-elect the current chief executive to serve for another two years after he led the company's turnaround last year.

In the past two years since he was named CEO of SsangYong Motor in March 2015, Choi Johng-sik helped put the loss-making automaker back on track.

"A series of new vehicles are in the pipeline to be launched over the next three years. At this critical juncture, I will make an utmost effort to strengthen the company's competitiveness," Choi said in a statement.

The executive said SsangYong Motor will further hone its competitive edge in recreational vehicles as it will add the all-new G4 Rexton SUV to its lineup.

SsangYong Motor CEO Choi Johng-sik (Courtesy of SsangYong Motor)

In the Seoul Motor Show held on Thursday, the SUV-focused carmaker unveiled the flagship large-size SUV for its world premiere. It has yet to decide on when to release the model and other specific details.

"His re-election as CEO was the result of the successful launch of the Tivoli compact SUV (in January 2015), turnaround based on robust sales of new models and stable labor-management relations," the company said in a statement.

After finishing business administration studies at Seoul National University in 1973, Choi began his career at the export team of Hyundai Motor Co. in 1977. He was in charge of sales and marketing of the country's top carmaker for nearly 30 years, it said.

For all of 2016, SsangYong Motor shifted to a net profit of 58.10 billion won (US$520 million) from a net loss of 61.94 billion won a year earlier. The turnaround, the first in nine years, was mainly attributable to strong sales of the Tivoli.

It also swung to an operating profit of 27.99 billion won from an operating loss of 36.81 billion won during the same period. Sales rose 7.0 percent to 3.629 trillion won from 3.39 trillion won.

Mahindra & Mahindra Managing Director Pawan Goenka (Courtesy of SsangYong Motor)

Meanwhile, Pawan Goenka, managing director of Mahindra & Mahindra Ltd. was re-elected as chairman of SsangYong's board of directors on the same day, the statement said.

In March 2011, Mahindra & Mahindra which owns a 72.85 percent stake in SsangYong, acquired the carmaker in bankruptcy proceedings as part of its "globalization strategy."

   To help move their joint project to develop premium SUVs and electric cars forward, SsangYong said Thursday it will inject another 1 trillion won (US$1 billion) into related endeavors in the next four years.

"Mahindra is fully behind supporting all of the investment that is required for SsangYong, and, as needed, Mahindra will always have funds for SsangYong," Pawan Goenka said Thursday in a press conference held on the sidelines of the motor show.

kyongae.choi@yna.co.kr