Jung Mong-koo Steps Down as Registered Director of Hyundai Mobis Today, Likely to Withdraw from Group Management

[Asia Economy Reporter Changhwan Lee] Chung Mong-koo, Honorary Chairman of Hyundai Motor Group, is expected to step down from group management as he relinquishes his registered director position at Hyundai Mobis on the 24th.

Hyundai Mobis plans to hold a shareholders' meeting on the morning of the same day at the GS Tower in Gangnam-gu, Seoul. At the shareholders' meeting, Hyundai Mobis will resolve the appointment of internal directors including President Cho Seong-hwan, Vice President Bae Hyung-geun, Head of Finance, and Go Young-seok, Head of R&D Planning and Operations.

Hyundai Mobis has a total of four internal directors. One position became vacant as CEO Park Jung-guk moved to Hyundai Motor, but with Honorary Chairman Chung Mong-koo deciding to step down one year before his term ends, two new appointments will be made. Vice President Bae is being reappointed.

Honorary Chairman Chung will completely withdraw from frontline management by stepping down from his last remaining registered director position at Hyundai Mobis after the shareholders' meeting on this day.

In February last year, Hyundai Motor's board of directors did not propose the reappointment of Honorary Chairman Chung as an internal director. In March last year, Chung handed over the chairmanship of Hyundai Motor's board to then Group Vice Chairman Chung Eui-sun after 21 years, and in October last year, he passed on the group chairman position and was appointed honorary chairman.

Hyundai Motor Group has requested the Fair Trade Commission to change the de facto head of the company from Honorary Chairman Chung Mong-koo to Chairman Chung Eui-sun.