South Korea's Hyundai Motor Co. on Friday said that its US chief, John Krafcik, is stepping down after his contract was not renewed. Krafcik will be replaced by US sales chief David Zuchowski. According to a report by Reuters, no reason was given for why Hyundai Motor did not offer Krafcik a contract extension.

During Krafcik's five-year tenure, Hyundai's share of the US market rose to as high as 5.1% in 2011 from just 3% in 2008. But it has recently fallen to 4.6% mainly because of production capacity constraints, the report said.

Krafcik, 52, also led the US arm of Hyundai as it set sales records using innovative marketing techniques. This included a program that allowed Hyundai buyers who lost their jobs during the recession in 2009 to return their new cars, Reuters said.

Meanwhile, Zuchowski, 55, joined Hyundai in February 2007. Hyundai's US sales chief previously worked with Mazda Motor Corp. and Ford Motor Co., the report said.

Zuchowski will take over in January 1, while Karfcik's contract is set to expire at the end of the year, Reuters wrote.