The executive director of Hyundai Mobis with one year remaining in office also resigned from the general shareholders’ office next month.
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Chung Mong-koo, the honorary chairman of Hyundai Motor Group, has completely resigned from the front line of management.
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 will expire in March next year, but it is interpreted that he did not fill his term in order to empower the chairman of Hyundai Motor Group, his son Eui-sun, who took over the baton.
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.
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 the leading role in making Hyundai Motor Group the world’s fifth-largest global company by sales volume. In September 2000, when the Hyundai Motor Group was launched, the number of affiliates increased from 10 to 54, and during the same period, the asset size increased 7 times from 34 trillion won to 234 trillion 76 trillion won (as of 2019). After becoming the chairman of Hyundai Motor Company in 1998, he became the chairman of the board of directors in March 1999, and took control of the management of Hyundai Motors instead of the former honorary chairman of Hyundai Motor Company’s small father’Pony Jeong’ Seyoung Jeong. 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’Prince’s Difficulty’ position, and then came out with only Hyundai Motor Company affiliated companies and took a’stand alone’.
Honorary Chairman Chung’s management philosophy is represented by’quality management’. He has always emphasized that “the best quality is the best value that cannot be exchanged for anything.” Honorary Chairman Chung was also the first Korean to be named in the’Automotive Hall of Fame’, which is considered the most prestigious award in the automobile industry.
Honorary Chairman Chung was hospitalized at Asan Hospital in Seoul with diverticulitis of the colon in July of last year, and was discharged from the hospital at the end of November last year, and is known to stay at his home in Hannam-dong.
/ Reporter Han Dong-hee [email protected]
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