À̹ÌÁö È®´ë Chung Euisun. [Photo provided by Hyundai Motor Group]
Hyundai Motor Group is expected to mandate future mobility as its business goal in corporate articles once younger Chung Euisun formally takes over the helm at South Korea¡¯s automaking conglomerate.
The group said Wednesday that Hyundai Motor¡¯s board of directors decided not to extend the term of Chung Mong-koo as an executive director when it ends on March 16. The aged chair will maintain his position as an unregistered executive at Hyundai Motor to stay as the figurehead.
Market experts anticipate this decision would accelerate the automotive group¡¯s drive to transform into ¡°smart mobility solution provider¡± under the new leadership of the group¡¯s apparent heir Chung Euisun.
In November last year, Hyundai Motor unveiled its goal to improve operating margin from 3.5 percent last year to 8 percent by 2025 with a bold investment of 20 trillion won ($16.8 billion) on future mobility projects over the next five years.
The automotive giant¡¯s affiliates, except Hyundai Motor and Hyundai BNG Steel, have appointed chief financial officer as a registered executive in a move to improve profitability through promising future business.
Hyundai Motor¡¯s board will discuss whether to appoint Kim Sang-hyun, chief financial officer and executive vice president as a registered executive at the annual general shareholders meeting on March 19.
In addition to this, Hyundai Motor will seek changes in the company¡¯s articles of association to expand its business scope from current car and auto parts making to a comprehensive mobility solution provider.
Kia Motors Corp., the smaller car making affiliate, will also seek to add such mobility services to its main automaking business at its shareholders meeting on March 24.
By Lee Jong-hyuk, Park Yun-gu, and Cho Jeehyun
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]