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Chung Eui-sun’s CEO roles to be voted on in March

Feb 27,2019
Hyundai Motor Group Executive Vice Chairman and heir apparent Chung Eui-sun is due to officially become chief executive of Hyundai Motor and Hyundai Mobis, the group’s key affiliates.

According to filings by both affiliates Tuesday, naming Chung the chief executive will be discussed during the March shareholder meeting and at a follow-up board meeting.

If approved, Chung will become one of four chief executives at Hyundai Motor, including his father and the auto group’s Chairman Chung Mong-koo, and one of three at Hyundai Mobis.

While Chung has been tightening his hold on the group ever since he was promoted to Executive Vice Chairman in September, major hurdles remain, including Elliott Management, an activist fund which has been challenging the company.

The activist fund submitted proposals to Hyundai requesting the company to allow it recommend outside directors and to increase dividend payouts.

By Kim Jee-hee