Hyun Jeong-eun Steps Down as Chairperson of Hyundai Elevator Board... "Advancing Governance"

Hyun Jung-eun, Chairman of Hyundai Group, announced on the 17th that she will resign from her position as a registered director and chairperson of the board at Hyundai Elevator, the company stated.

Chairman Hyun attended the company's extraordinary board meeting held that day and expressed her intention to resign, saying, "Amid growing awareness and demands for the advancement of corporate governance across society, I believe Hyundai Elevator, as an industry-leading company, needs to uphold the core value of board-centered management."

Hyun Jung-eun, Chairman of Hyundai Group / Photo by Dongju Yoon doso7@

Chairman Hyun has been reappointed six times as the chairperson of the board of this company while serving as the chairman of Hyundai Group. Among individual shareholders excluding Hyundai Holdings Company, the largest shareholder as a holding company, she holds the largest stake. She is also the largest shareholder of the holding company. She was reappointed at the shareholders' meeting in March last year, with her term originally set to last until March 2025. Upon announcing her resignation, the company plans to hold an extraordinary shareholders' meeting on the 29th of next month to form a new board and elect a new chairperson at a subsequent board meeting.

The company explained, "This is Chairman Hyun's proactive decision to strengthen transparent and responsible management centered on the board in line with global standards," adding, "The next chairperson of the board will be selected from among the outside directors to enhance the board's expertise and independence."

While revising the board that makes key management decisions, the company also established a new shareholder return policy. The process for selecting outside directors will be revamped, and an evaluation and compensation system linked to performance will be implemented for outside directors. Additionally, as part of shareholder returns, the company plans to allocate more than 50% of net income to dividends or share buybacks going forward. Dividends or share buybacks will also be made separately for non-recurring income.

A company official stated, "Over the past several months, we have gathered opinions from the market, shareholders, and professional institutions to advance Hyundai Group's corporate governance and board-centered responsible management," adding, "By establishing an ESG (Environmental, Social, and Governance) management system and faithfully fulfilling corporate social responsibility, we will contribute to shareholders, society, and the national economy."

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