Hyundai Motor Company and Hyosung request the FTC to change the same person… Total number of business households

The official generation change of major domestic groups such as Hyundai Motor Company and Hyosung is predicted.

According to industry sources on the 1st, Hyundai Motor Group recently submitted a designation of a large corporate group to the Fair Trade Commission requesting that the same person (the total number) be changed from the honorary chairman of Hyundai Motor Group Chung Mong-koo to Chairman Eui-sun Eui-seon.

As Chairman Chung was elected from the senior vice-chairman to the chairman in October of last year, it is predicted that the total number of Hyundai Motors will change this year. It is known that Chung’s honorary chairman will drop all official titles within the group as he resigns from the position of registered director at the general shareholders meeting of Hyundai Mobis this month.

It has been 21 years since the total number of Hyundai Motor Group has changed. Hyundai Motor Company was separated from the Hyundai Group in September 2000 and was designated as a large corporate group in 2001. Honorary Chairman Chung was the first to be named in the general.

It is reported that Hyosung Group also requested that the total number be changed from Honorary Chairman Cho Seok-rae to Chairman Cho Hyun-joon. It is known that Hyosung Group submitted the hospital medical certificate of Honorary Chairman Cho and suggested the health status as the reason for the change in the total number.

It is also reported that the Hyosung Group submitted a document stating that it would delegate some of the voting rights (9.43%) of the shares of Honorary Chairman Cho to Chairman Cho. As of the end of September last year, Hyosung Group’s holding company owned 21.94% of the holding company, with the eldest son, Cho, and vice chairman Cho, Hyeon-sang, 21.42%. The FTC determines the total number based on whether it is exercising control. It can be the total number if the ownership interest has at least a large impact on management activities.

However, the health status of Honorary Chairman Cho is a matter that can affect not only whether the FTC’s total number has changed, but also the outcome of the trial under suspicion of tax evasion. Accordingly, it is known that there is a disagreement over whether the FTC will accept the application.



The FTC calculates the size of assets by receiving data on designation of large corporate groups from major groups every year. At this time, if the total assets are 5 trillion won or more, it becomes a so-called large corporate group, or a’business group subject to disclosure’. If it is more than 10 trillion won, the total number of each group is also designated as a’restricted business group’. This year, based on the data submitted by companies, the Fair Trade Commission plans to announce the total number of conglomerates on May 1st after internal review.