Octogenarian Hyundai Chairman to Step down
20 February, 2020
Octogenarian Chung Mong-koo will step down from the chairmanship of Hyundai Motor, a post he has held since 1999, the automaker said Wednesday.
The 82-year-old had already surrendered most of his duties to his son Chung Eui-sun.
He'll formally relinquish his post the following month. Out of courtesy he will remain honorary chairman and keep his position as registered executive at parts-making subsidiary Hyundai Mobis.
Chung Eui-sun has been leading the country's second-largest conglomerate since he became CEO last year but is not expected to succeed his father as chairman immediately.
Meanwhile, Hyundai changed its articles of incorporation to expand its areas of business from the manufacture and sale of "various vehicles" to "other varieties of mobility." The move sets the automaker on course to manufacture and sell aircraft amid plans for flying cars.
If Chung Mong-koo can be credited with turning Hyundai right into a global automaker, his son aspires to transform the carmaker right into a comprehensive "mobility company."
At last month's GADGETS Show in Las Vegas, Hyundai joined hands with Uber to unveil a prototype of an "urban air mobility vehicle" called the S-A1 in addition to a self-driving shuttle that transforms itself into a mobile hotel and cafe.
Hyundai is also participating in the Farnborough Air Show in the U.K. in July.
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