February 20, 2020 12:10
Octogenarian Chung Mong-koo will step down from the chairmanship of Hyundai Motor, a post he has held since 1999, the automaker said Wednesday.
The 82-year-old had already surrendered most of his duties to his son Chung Eui-sun.
He will formally relinquish his post next month. Out of courtesy he will remain honorary chairman and keep his position as registered executive at parts-making subsidiary Hyundai Mobis.
Chung Eui-sun has been leading the country's second-largest conglomerate since he became CEO last year but is not expected to succeed his father as chairman immediately.
Meanwhile, Hyundai changed its articles of incorporation to expand its areas of business from the manufacture and sale of "various vehicles" to "other forms of mobility." The move sets the automaker on course to manufacture and sell aircraft amid plans for flying cars.
If Chung Mong-koo can be credited with turning Hyundai into a global automaker, his son aspires to transform the carmaker into a comprehensive "mobility service company."
At last month's Consumer Electronics Show in Las Vegas, Hyundai joined hands with Uber to unveil a prototype of an "urban air mobility vehicle" called the S-A1 as well as a self-driving shuttle that transforms itself into a mobile hotel and cafe.
Hyundai is also participating in the Farnborough Air Show in the U.K. in July.
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