Chung Mong-koo,’Free Man’ after 51 years… Hyundai Motor Group’s management was completely withdrawn.

Chung Mong-koo, the honorary chairman of Hyundai Motor Group, resigned from the registered director of Hyundai Mobis on the 24th and withdrew from the non-registered executive of Hyundai Motors on the 24th, completely resigning from the front line of management. He became a free man after 51 years of joining as a Hyundai Motor Company employee in 1970.

Hyundai Mobis held a general shareholders’ meeting at GS Tower (Gangnam, Seoul) on this day. At the general shareholders’ meeting, the appointment of the executive directors of Cho Seong-hwan, Bae Hyeong-geun, head of the finance department (Vice President), and Ko Young-seok, the head of the R&D planning and operation department, all decided according to the original proposal.

There are a total of 4 inside directors. Initially, CEO Park Jeong-guk decided to fill the positions created when he moved to Hyundai Motor Company, but as Honorary Chairman Chung decided to withdraw after leaving his term of office for one year, a total of two were newly appointed.

Prior to this, honorary chairman Chung Mong-koo passed the position of head of the group to his son, Chairman Eui-sun Eui-sun, last October and elected as honorary chairman. It has been 21 years since he became the chairman of the Hyundai Motors Board of Directors in 1999, and 20 years since he was alone with the Hyundai Motor Group in 2000. During this period, Honorary Chairman Chung has grown the Hyundai Motor Group into one of the world’s top five automobile groups.

Born in Tongcheon, Gangwon-do in 1938, Honorary Chairman Chung graduated from Kyungbok High School and Hanyang University’s industrial management department, and joined Hyundai Motor Company as a regular employee in February 1970.

With the establishment of Hyundai Motor Service in 1974, he began to walk the path of independent management, and in 1977, he established Hyundai Precision Industries (now Hyundai Mobis) to dominate the global container market. Mongpil, his older brother, died early in an accident in 1982 and has been the firstborn child.

In September 2000, 10 affiliates including Hyundai Motor Company, and Hyundai Motor Group, which had assets of only 3,440 trillion won, transformed into a group with 54 affiliates and assets of 23.46 trillion won as of the end of 2019.

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