Hyundai Motor Chairman Mong-Koo Chung prepares to give up his board seat, in the recent indication that the octogenarian patriarch of South Korea’s second-largest conglomerate is moving forward to hand the reins over to his son.
The company stated on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Mong-Koo Chung on the board. Shareholders are going to vote on the proposal during a meeting on March 19.
Chung, the son of Hyundai’s founder, has been drawing back from frontline operations in the recent times.
On the other hand, his son and heir-apparent, Euisun Chung, has become increasingly apparent in the scenario he was promoted to executive vice chairman in 2018.
Mong-Koo Chung is the only among five of the executive directors whose term expires this year.
He will remain as chairman and as an executive but without a board seat, a spokesperson stated.