Honorary Chairman Chung Mong-koo Also Resigns as CEO of Hyundai Mobis

Hyundai Mobis under the leadership of CEOs Chung Eui-sun and Park Jung-guk

[Asia Economy Reporter Kim Ji-hee] On the 14th, Chung Mong-koo, Chairman of Hyundai Motor Group, stepped down from his position as group chairman and became Honorary Chairman, also resigning as CEO of Hyundai Mobis. As a result, Hyundai Mobis is now under the leadership of the new chairman Chung Eui-sun and CEO Park Jung-guk.

Hyundai Mobis announced on the same day that CEO Chung Mong-koo resigned due to personal reasons and that the CEO structure changed to Chung Eui-sun and Park Jung-guk. Honorary Chairman Chung’s term as CEO of Hyundai Mobis was set to expire in March 2022.

Accordingly, Honorary Chairman Chung relinquished most of the major positions within the Hyundai Motor Group, including the chairman role. He had already stepped down from both CEO and chairman of Hyundai Motor’s board in March after 22 years. Prior to that, in March last year, Chairman Chung was listed as CEO of Hyundai Motor and Hyundai Mobis, and in March this year, he succeeded Honorary Chairman Chung as chairman of Hyundai Motor’s board, effectively overseeing group management.

Meanwhile, on this day, Chairman Chung became the undisputed top leader of the group just two years after his promotion to Vice Chairman in September 2018. In his inauguration message delivered online to employees, Chairman Chung expressed his intention to carry on the achievements and management philosophy of former Chairman Chung Ju-yung and Honorary Chairman Chung. He said, "Inheriting the noble achievements and entrepreneurial spirit of the two, we aim to contribute to the national economy and further to humanity’s happiness by creating a new future for the group together with all employees. Although there will be difficulties on the journey to open the future, let us encourage each other and unite our efforts with a positive mindset based on the group spirit of ‘making the impossible possible.’"

He also stated, "We will establish hydrogen fuel cells, which possess world-class technology, as a future eco-friendly energy solution for humanity by applying them not only to automobiles but also to various fields," and shared his ambition, "We will accelerate the realization of imagined futures such as robotics, Urban Air Mobility (UAM), and smart cities, providing humanity with a higher level of life experience."

This content was produced with the assistance of AI translation services.