Hyundai Chairman Chung Mong-Koo steps down officially

Hyundai Motor Group’s Honorary Chairman Chung Mong-Koo will officially leave his seat as a registered director of the board of Hyundai Mobis, staying back behind the frontline of business management.

Honorary Chairman Chung is expected to make an official resignation from the last position that he holds within the group at a board meeting of Hyundai Mobis scheduled on March 24, according to business insiders on Sunday. The board of Hyundai Mobis will table a motion to appoint Cho Sung-hwan, CEO and president, and Ko Young-suk, head of R&D strategic planning division, as its new members; and keep Bae Hyung-geun in the current position of vice president.

Selected as a Hyundai Mobis registered director in March 2019, Chairman Chung was scheduled to leave the position in March 2022 but decided to step down one year earlier than expected. In a shareholder meeting and a board meeting of directors held last March, the honorary chairman left his position as a registered director and gave his title as chairman of the board of directors to his son Chung Eui-sun. Last October, he handed over his seat as the group’s chairman to his son, earning the honorific title of honorary chairman.t


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