SOUTH KOREA: Chung to withdraw from Kia board
Author: just-auto.com editorial team | 19 February 2009
The chairman of Hyundai Motor, Chung Mong-koo, is set to withdraw from the board of its Kia subsidiary next month.
Yonhap reported that the organisational change will take place next month and will help Kia gain more independence from Hyundai.
Kia plans to drop Chung Mong-koo, also chairman of Hyundai Motor-Kia Motors Group, from its five-member board, with Chung Eui-sun, the senior Chung's only son, to remain, it said in a regulatory filing.
"It is about time for a needed change in our organisation so Kia can secure overall independence," Kia said.
The company will get the plan approved at a meeting of shareholders to be held March 6.
Hyundai Motor has appointed the senior Chung and three others as members of its board.
Chung was convicted of fraud in 2007.
Sectors: Vehicle manufacturers
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