Hyundai names Krafcik acting U.S. chief

Hyundai Motor Co. named John Krafcik acting chief executive officer of its U.S. division, replacing Jong Eun Kim as South Korea's largest automaker faces its first U.S. sales drop in a decade.

Krafcik, vice president of product development and strategic planning for the carmaker's regional unit, takes the position as Kim returns to Korea to work at Hyundai's headquarters in Seoul, the company said in a statement today. Hyundai Motor America, based in Fountain Valley, California, said it's begun a search to fill Krafcik's prior position.

After U.S. gains from 1999 through 2007, Hyundai has been unable to overcome slumping demand that cut industrywide sales last month to the lowest level in 25 years. Hyundai's deliveries fell 7.8 percent through October, compared with a 15 percent decline for all automakers.

"While this is a very difficult time in the auto industry Hyundai's extraordinary products and exceptional value offer us great opportunities now and in the future," Krafcik said in the statement.

Krafcik joined Hyundai in 2004 after working as a chief engineer at Ford Motor Co.