Will Chung Eui-sun Become Chairman of Hyundai Motor's Board? ... March Shareholders' Meeting in Focus

Chairman Chung Mong-koo Likely to Step Down as Board Chairman After 22 Years

[Image source=Yonhap News]

[Asia Economy Reporter Kim Ji-hee] Attention is focused on whether Chung Eui-sun, Vice Chairman of Hyundai Motor Group, will become the chairman of the board at Hyundai Motor's upcoming shareholders' meeting next month. If Vice Chairman Chung succeeds Chairman Chung Mong-koo, who has held the chairman position for 22 years, it is expected that the "Chung Eui-sun era" will accelerate.

According to industry sources on the 16th, Hyundai Motor plans to hold a board meeting in mid-month to finalize the agenda for the shareholders' meeting. The biggest point of interest is whether Chairman Chung will be reappointed as an inside director when his term expires on the 16th of next month.

If the board does not address Chairman Chung's reappointment this year, he will step down from his registered director and board chairman positions after 22 years. The industry widely expects that Vice Chairman Chung will likely take over as the next chairman of the board.

Vice Chairman Chung, who was promoted to Hyundai Motor Group Vice Chairman in September 2018, has been serving as the de facto head of the group since being appointed CEO of Hyundai Motor and Hyundai Mobis at last year's shareholders' meeting. Since 2019, he has also presided over the group's New Year's ceremony for two consecutive years, replacing Chairman Chung.

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