Chung Mong-koo completely withdrew from the management of Hyundai Motor Group

Chung Mong-koo, the honorary chairman of Hyundai Motor Group, gave up the last remaining registered director of Hyundai Mobis, and officially withdrew from the management of the group.

According to the business community on the 21st, Honorary Chairman Chung is scheduled to resign from the position of registered director at the Hyundai Mobis shareholders’ meeting held on the 24th of next month.

Honorary Chairman Chung’s term as an executive director of Hyundai Mobis will expire in March next year, but as he has already handed over the group’s overall baton to Hyundai Motor Group Chairman Eui-sun, his son, it seems that he has decided to withdraw until next year’s term of office.

Hyundai Mobis recommended Ko Young-suk, head of the R&D Planning and Operation Dept. (Executive Vice President), as an executive director who will be vacated by the resignation of Honorary Chairman Chung at this shareholders meeting. This is the first time that a senior executive has been recommended as an executive director with the aim of considering professionalism rather than position.

Honorary Chairman Chung is expected to be completely withdrawn from the front line of management by dropping the last remaining registered director positions at the end of the shareholders’ meeting at Hyundai Mobis.

Hyundai Motor Company in February of last year[005380] The board of directors did not propose an agenda to re-elect Honorary Chairman Chung as the executive director. Honorary Chairman Chung handed over the chairmanship of the board of directors to the then group’s senior vice chairman Eui-seon Eui-seon after 21 years at the board meeting held immediately after the shareholders’ meeting of Hyundai Motor Company in March last year.

Since then, Honorary Chairman Chung retained only the positions of unregistered executives of Hyundai Motor Company and registered director of Hyundai Mobis. Honorary Chairman Chung also resigned as CEO of Hyundai Mobis at the time.

Honorary Chairman Chung, prior to that, in 2014[004020] In the position of director, Hyundai E&C in 2018[000720] Each stepped down from the board.

Inside and outside the business world, even if Honorary Chairman Chung resigns this time, there is a possibility that the unregistered executives of Hyundai Motors and Hyundai Mobis will remain.

However, as the steering wheel of Hyundai Motor Group has already passed to his son, Chairman Eui-sun Eui-sun, and the entire group, led by Chairman Chung, is accelerating the transition to a future mobility solution company, there is no significant impact.

Chairman Chung served as the group’s senior vice chairman in September 2018 and has led the group as a whole on behalf of the honorary chairman Chung.

As Chairman Chung visited Honorary Chairman Chung, who was hospitalized before and after his appointment in October last year, and discussed the management of the group, he is expected to seek advice from Honorary Chairman Chung and speed up the improvement of the group’s constitution.

Born in 1938, Honorary Chairman Chung named the 5th largest automobile group in the world as a ‘Competitor’, and became the Chairman of the Board of Directors in March 1999 after Hyundai Motor Company’s chairman in 1998. Took control.

The following year, in 2000, the late younger brother Chung Mong-heon and former Hyundai Group Chairman Chung Mong-heon held a position of’Jung Tong’ and had a’Prince’s Difficulty’.

At the time of the separation of the Hyundai Group, it was ranked 5th in the business world after Samsung, Hyundai, LG, and SK, but the Hyundai Motor Group is solidifying its second place after Samsung.

In particular, Honorary Chairman Chung has led the company for over 20 years, leaving the keywords “quality management” and “site management”. It secured core technology by establishing the Namyang Research Center, the headquarters of the group’s R&D, and was also the first Korean to be dedicated to the Automotive Hall of Fame in the United States.

Honorary Chairman Chung did not appear on the official stone statue after attending the National Assembly investigation for the investigation of the facts of the Gukjeong Nongdan Gate in December 2016. It is known that he did not even attend the board of directors when he entered his 80s.

In mid-July last year, he was admitted to Asan Hospital in Seoul for diverticulitis of the colon, and there was a theory of health problems. Honorary Chairman Jeong is known to be staying at his home in Hannam-dong after being discharged from the hospital at the end of November last year after receiving treatment for inflammation and recovering his health.

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