Hyundai Motor chairman to give up board seat as succession looms - Reuters
Hyundai Motor Group (005380.KS) Chairman Mong-Koo Chung plans to give up his board seat, in the latest sign that the octogenarian patriarch of South Korea's second-largest conglomerate is preparing to hand the reins over to his son.
The company said on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Chung on the board. Shareholders will vote on the proposal during a meeting on March 19.
Chung, the son of Hyundai's founder, has been stepping back from frontline operations in recent years.
