The advertising arm of Fountain Valley-based Hyundai Motor America Inc. has a new boss to go with a $300 million initial public offering by its parent, Innocean Worldwide Inc.
Steve Jun took over as chief executive of Innocean USA in Huntington Beach, arriving from the same post at Innocean Europe. He replaces Tony Kim, who has been promoted to chief executive of parent Innocean Worldwide Inc., a subsidiary of Seoul-based Hyundai Motor Group.
Innocean Worldwide has 22 offices and more than 1,500 employees. It went public on July 6, a move that valued the ad agency at about $1.2 billion, according to reports.
Industry estimates put Hyundai Motor America’s advertising budget at more than $300 million last year.
The auto brand’s account has been the mainstay of Innocean’s operations in Orange County since it started its office here in 2009. The agency has in recent years branched out, however, adding accounts such as Miami-based Alpina Foods and NRG Energy Inc. in Houston.
It ranked as the fourth largest ad agency in Orange County, with an estimated $51.4 million in revenue last year, according to Business Journal research.
