South Korean construction equipment maker Develon has appointed a new CEO for its North American operations, betting on a proven sales leader to turn around sluggish results ahead of a major corporate merger next year.
Several construction equipment industry outlets, including Construction Equipment Guide, reported on July 8 that Develon named Woo-Hyun Kim as CEO of its North American unit as part of a strategy to revive performance in the key U.S. and Canadian markets. Develon, a brand of HD Hyundai Infracore, has seen revenue in North America and Europe drop 28% year-over-year, prompting the leadership change.
The company, which is accelerating structural improvements and strengthening its financial base, expects Kim’s leadership to bolster competitiveness and deliver improved results. “The leadership and sales expertise Mr. Kim has built over the past 20 years will translate into new strategic roles in North America,” said Jae-Young Moon, Executive Vice President of HD Hyundai Infracore’s Construction Equipment Division.
Kim, known as a sales-driven executive, has consistently improved results across organizations under his leadership. With experience spanning sales, management, and finance, he aims to enhance Develon’s brand strength and expand its presence in the North American market.
A graduate of Korea University — one of South Korea’s most prestigious universities — he began his career in human resources at Doosan in 2001. Over the past 25 years, he has held leadership roles in sales, management, and HR, with postings in Seoul, Dubai, and Atlanta. Most recently, he served as director of Develon’s sales operations and programs.
Between January 2023 and December 2024, Kim led sales planning, product management, financial planning, and remarketing efforts for Develon. He also contributed to opening a new plant near Savannah, Georgia, designed to better serve North American customers.
“I look forward to growing the Develon brand on the back of success in the North American market,” Kim said in a statement. “Over the past few years, we’ve made significant progress by rebranding and expanding our equipment lineup. We will continue to grow with more than 200 dealers across the U.S. and Canada, offering reliable and productive compact and mid-sized machines.”
Develon expects the leadership change to drive profitability and a turnaround in its results. In the first quarter, HD Hyundai Infracore posted revenue of $741 million and operating profit of $49.3 million, down due to delayed demand recovery in advanced markets such as North America and Europe.
In North America, demand has been dampened by uncertainty over U.S. tariffs and inflation concerns, which weighed on consumer sentiment.
