SOUTH KOREA: Hyundai accepts chairman Lee's resignation
South Korea's Hyundai Securities 03450 accepted the resignation of Chairman Lee Ik-chi in a move widely expected as Hyundai Group companies make changes aimed at bolstering market confidence. The departure of the colourful Lee, who last week signed a memorandum of understanding (MOU) to draw 1.1 trillion won ($994 million) in investment to the company and its affiliates, had been expected as part of the government's pushed to get the Hyundai Group 1/8HYGR.UL 3/8 to relinquish management by its founding family.
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