The chairman of Hyundai Motor, Chung Mong-koo, is set to withdraw from the board of its Kia subsidiary next month.

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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.
 


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