Hyundai Motor chairman to step down

SEOUL, Feb. 20 (UPI) -- Hyundai Motor Group chief Chung Mong-koo will step down as chairman of the board of directors at the conglomerate's flagship unit next month.

Hyundai Motor said Wednesday its board of directors did not reappoint the 81-year-old tycoon as an executive director ahead of its shareholders' meeting slated for March 19.

Chung has chaired Hyundai Motor's board for the past two decades, and his three-year term will finish on March 16.

Hyundai Motor is expected to nominate Executive Vice President Chung Eui-sun as board chairman of the country's largest automaker.

As the only son of Chung Mong-koo, he has practically headed the group since 2018. Last year, he was elected CEO of Hyundai Motor and its parts affiliate Hyundai Mobis.

Under his leadership, the auto giant has briskly tapped into such areas as autonomous driving and futuristic mobility. Some of the businesses will be added to Hyundai's articles of association during the upcoming shareholders' meeting, according to the company.

During his stint, Chung Mong-koo catapulted the group to become the world's fifth-largest auto-making conglomerate, composed of Hyundai Motor and Kia Motors.

Earlier this month, he was inducted into the U.S. Automotive Hall of Fame, the first Korean to win the industry's highest honor.