More Power in the Hands of Group Heir Apparent
Chung Eui-sun, executive vice-chairman of Hyundai Motor Group, has been elected the new chairman of Hyundai Motor Co.’s board of directors.
The company said on March 19 that its board of directors has elected Chung as the new chairperson, a post that has been held by Chung Mong-koo, chairman of Hyundai Motor Group and the father of the new chairperson, for 21 years.
The appointment reflects the automotive group’s strong will to overcome the COVID-19 crisis by allowing him to double as the CEO and board chairman of Hyundai Motor Co.
The senior Chung resigned as an inside director of Hyundai Motor Co. at the regular general shareholders’ meeting for this year, a move that suggested junior Chung’s ascendancy to the post of board chairman.
However, this does not mean that the senior Chung has handed over the group’s control to his son. He still remains an unregistered executive and maintains his position as Hyundai Motor Group chairman, and will make important management decisions as before.
Chung Eui-sun was promoted to a senior vice-chairman in September 2018. At the general shareholders’ meeting in 2019, he was elected as the CEO of Hyundai Motor Co. and Hyundai Mobis.
Meanwhile, Hyundai Motor revised its articles of incorporation at the general shareholders' meeting to begin a transition to a smart mobility solution company.