Activist hedge fund Elliott Management dismissed Hyundai Motor Group's restructuring plan as insufficient on Monday and called on the South Korean conglomerate to adopt a holding company strategy and appoint more independent board members.
Michael Sprague, the former Ford executive who notched a steady series of promotions in nearly a decade at Kia Motors America, is leaving the Korean automaker. Sprague, 52, Kia's COO since 2015, will step down April 17, Kia said in a statement. No successor has been appointed.
A unit of activist hedge fund Elliott Management revealed that it holds more than $1 billion worth of shares in key affiliates of Hyundai Motor Group and called for more rapid reform of the auto giant's governance.
U.S. light-vehicle deliveries, behind higher discounts and fleet shipments, a surge in light-truck demand and an extra weekend of sales, rose 6.4 percent in March, topping expectations as the critical spring-selling season started off with a bang.