Hyundai Card names sales chief as new CEO

Cho Chang-hyun, head of card sales operations and CEO nominee at Hyundai Card (Hyundai Card)

Hyundai Card, the credit card unit of Hyundai Motor Group, has nominated Cho Chang-hyun, head of card sales operations, as its next CEO.

The company’s executive nomination committee selected Cho as the sole candidate on Wednesday, with final approval to be made at an upcoming shareholders meeting. Once confirmed, he will lead the firm alongside Vice Chairman and CEO Chung Tae-young.

Cho joined Hyundai Card in 2004 and has since held leadership roles across key divisions including marketing, product planning and sales. He became an executive in 2016 and has overseen a wide range of operations, from the company’s two flagship products — General-Purpose Credit Card and Private Label Credit Card — to the finance and corporate business divisions. He currently leads the card sales operations division.

“Cho has demonstrated strong capabilities in managing strategy from planning through execution, and has shown balanced leadership in achieving sales targets while effectively controlling risk,” the company said in a disclosure. “We believe he is the right person to deliver strong results amid an increasingly competitive financial landscape by identifying future business opportunities, expanding customer touchpoints and enhancing service competitiveness.”

His deep expertise in the PLCC business was a key factor in his nomination, amid growing pressure on the segment. Cho is set to replace current CEO Kim Deok-hwan, who offered to resign before the end of his term in March 2026. Industry reports have linked Kim’s early departure to instability in the company’s PLCC business.

Hyundai Card has positioned itself as a leading player in the PLCC sector, which not only fosters customer loyalty but also enables the company to build valuable data assets — an area it has increasingly prioritized.

However, the business faces growing uncertainty. Hyundai Card’s exclusive six-year PLCC partnership with Starbucks Korea — one of its flagship partners — is set to expire later this year. The coffee chain is reportedly exploring alternative partners, raising the risk of a high-profile loss for the card issuer.

To navigate these challenges, the company is turning to Cho, a seasoned PLCC strategist it credits with having driven the business’ advancement. Under his leadership, Hyundai Card expanded its PLCC partner network across nearly 20 sectors and maintained steady growth, reinforcing the firm’s broader push into data science collaboration.