M&M's Pawan Goenka to head SsangYong Motor Co board

Pawan Goenka, president, automotive and farm equipment sectors of Mahindra & Mahindra Ltd (M&M), will head the board of Ssangyong Motor Company (SYMC), which M&M acquired in August last year.

Yoo-il Lee will be the new president and chief executive officer (CEO) of SYMC while Dilip Sundaram from Mahindra will be the new chief finance officer (CFO), the company said in a release.

Yoo-il Lee was the legal trustee and chairman of Ssangyong Motor Company, and was earlier president and CEO of Hyundai Motor in North America (US and Canada). He was also president of construction and engineering firm Hyundai Development Company.

Goenka's appointment as chairman of Ssangyong Motor Company was announced at a meeting of the newly appointed board of directors of the company, in Korea.

M&M has completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company and the company is no longer in court receivership, the release said.

Thierry Moulonguet, who was executive vice president and CFO and member of the executive committee of Renault from 2004 -2010; Kim Kihwan, who was Korea's ambassador-at-large for economic affairs from 1997 to 1999, deputy minister of trade and industry, Government of Korea from 1983-1984 and member of Korea's monetary policy board from 1981 to 1983; and Suk Suh Yoon of Korea International Trade Insurance system, the current chairman of the Committee for the Special Assessment and the dean of Ewha Women's University College of Business, will be the independent directors.