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Hyundai Motor Group chief to quit director post for flagship unit

All News 16:32 February 19, 2020

SEOUL, Feb. 19 (Yonhap) -- Hyundai Motor Group Chairman Chung Mong-koo will no longer serve as executive director of flagship Hyundai Motor Co., the company said Wednesday, in a move that will strengthen his only son's position in leading the South Korean automotive group.

Hyundai Motor's board of directors has not reappointed the 81-year-old as an executive director for another three-year term, the group said.

Chung's term as executive director at Hyundai Motor ends on March 16. He currently serves as executive director at Hyundai Mobis Co., the auto parts affiliate of the group, a company spokesman said.

"But the chairman will continue to serve as chairman of Hyundai Motor Group," he said.

In recent years, Hyundai Motor Group Executive Vice Chairman Chung Euisun has led the carmaker's drive to transform itself into a "smart mobility solutions provider."

The maker of the Sonata sedan and the Santa Fe sport-utility vehicle also changed the purpose of its business in articles of association into a car manufacturing and future mobility service provider from the previous car manufacturer, the filing said.

This file photo, provided by Hyundai Motor Group, shows the group Chairman Chung Mong-koo. (PHOTO NOT FOR SALE)(Yonhap)


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