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Hyundai Motor heir apparent quits directorship in steel affiliate

All News 09:52 February 26, 2020

SEOUL, Feb. 26 (Yonhap) -- Hyundai Motor Group Executive Vice Chairman Chung Euisun has quit his directorship at its steel affiliate to focus on the group's mainstay automobile business, the company said Wednesday.

In a letter sent to its shareholders, Hyundai Steel said the company has named Vice President Seo Myung-jin as executive director and the appointment is subject to approval at a shareholders' meeting on March 18.

"The executive vice chairman made the decision to put a bigger focus on the automobile business in line with the group's drive to transform itself into a smart mobility solutions provider," a group spokesman said.

Hyundai Steel has four executive directors, including the newly appointed Seo and the company's President An Tong-il, the spokesman said.

Euisun has served as executive director for the steel affiliate since 2012 but has decided to quit the director post. He will maintain his directorship at Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co.

Hyundai and Kia together form the world's fifth-biggest carmaker by sales. Hyundai Mobis, de facto holding company of the group, develops next-generation vehicle technologies and supplies core auto parts to the carmakers.

Hyundai Motor Group Executive Vice Chairman Chung Euisun (Yonhap)

kyongae.choi@yna.co.kr
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