Chung Mong-koo will step down as chairman of the Hyundai Motor Board of Directors in 22 years

[Infostock Daily = Reporter Lee Dong-hee] Hyundai Motor Group Chairman Chung Mong-koo will step down as chairman of the board of directors of Hyundai Motor in 22 years.

The Hyundai Motor Board of Directors announced on the 19th that it will deliberate and vote on the agenda of appointing Kim Sang-hyun executive director as a registered executive at the general shareholders' meeting on the 19th of next month.

The announcement did not include the proposal to re-appoint Chung Mong-koo as the internal director. Chung Mong-koo will be appointed as the internal director until the 16th of next month.

Accordingly, Chung Mong-koo will remain as a registered executive of Hyundai Motor and a registered director of Hyundai Mobis, but his role as chairman of Hyundai Motor is known to continue.

Hyundai Motor said, "In order to improve profitability and strengthen the board's financial decision-making function according to large-scale investment plans, we decided to appoint Kim Sang-hyun, the chief financial officer (CFO), as a registered executive officer on behalf of Chung Mong-koo, who is scheduled to expire his term."

In addition, the general shareholders' meeting next month will deal with the agenda of re-elected Choi Eun-soo, former head of the Daejeon High Court and the patent court, as an outside director and a member of the audit committee.

Hyundai Motor announced that it has proposed the re-election of its internal director, Chung Woo-jung, outside director Kim Duk-jung and director Kim Dong-won.

Reporter Lee Dong-hee nice1220@infostock.co.kr