Last Registered Directorship.. Official Retirement Procedure
In the News Reporter Jinsol Lee | Chung Mong-koo, the honorary chairman of Hyundai Motor Group, gave up the last remaining registered director of Hyundai Mobis, and officially quit the group’s management.
According to the business community on the 21st, Honorary Chairman Chung Mong-koo will withdraw from the position of registered director at the general shareholders’ meeting of Hyundai Mobis (CEO Jeong-guk Park) held on the 24th of next month. The executive director’s term of office expires in March next year, but it seems that he has already handed over the baton to his son, Chairman Chung Eui-sun of Hyundai Motor Group.
Hyundai Mobis recommended Young-Seok Ko, head of the R&D Planning and Operation Dept., as an executive director who will be vacated by the resignation of Honorary Chairman Chung Mong-koo from the shareholders’ meeting. The purpose is to consider professionalism rather than position. For the first time, a senior executive was recommended as an executive director.
Honorary Chairman Chung Mong-koo is expected to completely withdraw from the front line of management by dropping the last remaining registered director positions at the end of the shareholders’ meeting at Hyundai Mobis. In February of last year, the board of directors of Hyundai Motor Company (CEO Eui-sun Eui-sun, Ha Eon-tae) did not propose an agenda for reappointing Honorary Chairman Chung Mong-koo as internal director. Emeritus Chairman Chung Mong-koo 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 of directors held immediately after the shareholders’ meeting in March last year.
Since then, Honorary Chairman Chung Mong-koo retained only the positions of unregistered executives of Hyundai Motor Company and registered directors of Hyundai Mobis. Honorary Chairman Chung Mong-koo also resigned as CEO of Hyundai Mobis at the time. Earlier, in 2014, he resigned from the position of director of Hyundai Steel (CEO Dong-il Ahn) and in 2018 from the position of director of Hyundai E&C (CEO Won-woo Lee).
Inside and outside the business world, even if Honorary Chairman Chung Mong-koo resigns this time, there is a possibility that the unregistered executives of Hyundai Motor Company and Hyundai Mobis will remain unregistered. However, as the steering wheel of the Hyundai Motor Group has already been handed over to Chairman Eui-sun Eui-sun, there is no significant impact.
Born in 1938, Honorary Chairman Chung Mong-koo is known as the world’s fifth-largest automobile group as a group of ‘competitors.’ After becoming the chairman of Hyundai Motor Company in 1998, he became the chairman of the board of directors in March 1999, taking control of the company’s management instead of his small father, former Hyundai Motor Company honorary chairman Jeong Se-young.
The following year, in 2000, after having a’Prince’s Difficulty’ with his late younger brother Chung Mong-heon, the former chairman of Hyundai Group, he took a stand alone with Hyundai Motor Company. 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 Mong-koo has led the company for over 20 years, leaving the keywords’quality management’ and’field management’. It secured core technologies 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 Mong-koo did not appear on the official statue after attending the National Assembly investigation to investigate the truth 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 of last year, when I was admitted to Asan Hospital in Seoul for diverticulitis of the colon, there was a problem with health at one time. Honorary Chairman Chung Mong-koo is known to have been discharged from the hospital at the end of November last year, after receiving treatment for inflammation and recovering his health, and staying at his home in Hannam-dong.