Chung Mong-koo, honorary chairman of Hyundai Motor Group, droped his registered board of directors at Hyundai Mobis's regular shareholders' meeting on March 24. Chung stepped down from the management of Hyundai Motor Group completely.
Hyundai Mobis held a general meeting of shareholders at GS Tower in Gangnam-gu, Seoul, and participants vote on the appointment of President Cho Sung-hwan, Vice President Bae Hyung-keun, and Ko Young-seok, R&D Planning and Operation Manager as inside directors.
For the first time, Koh, a senior executive, has been recommended for the post of honorary chairman Chung who stepped down. The purpose is to consider professionalism rather than position.
Chung completely steped down from the management front, putting down the last remaining registered director post after the Hyundai Mobis shareholders' meeting.
If the Fair Trade Commission appoints Chung Eui-sun as the Hyundai Motor Group's head in May, the transition to the "Chung Eui-sun-led system" will virtually be completed.
Hyundai Mobis, which changed its name after Chung became chairman of Hyundai Motor Group in 2000, has become the world`s seventh-largest automaker by concentrating its capabilities on producing automotive components such as high-value modules.
Since taking charge of Hyundai Motor Group, Chung Mong-koo has been constantly challenging the Korean economy and the development of the auto industry. During the IMF financial crisis, domestic automakers were suffering from a severe crisis and successfully revived Kia Motors, and in 2010, Hyundai and Kia Motors grew into the top five global companies.
In addition, honorary chairman Chung Mong-koo established a standard factory construction system that can build uniform high-quality production plants around the world in a timely manner, and established the world's largest research and development center to expand its competitiveness.
As Hyundai Motor Group is speeding up its transition to a future mobility solution company centered on Chairman Chung, the company is accumulating global competitiveness within the group by developing 'E-GMP' platform in terms of developing pure electric vehicles, hydrogen cell electric vehicles, and self-driving cars.
