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Chung Mong Koo Takes the Helm of Hyundai Motors

Dec 03,1998
Chung Mong Koo, photo, the 60 year-old chairman of Hyundai Group and eldest son of founder and honorary chairman Chung Ju Yung(83), was nominated as the new leader of Hyundai-Kia-Asia Motor Company on December 3.
Hyundai officially announced that Chung will take over all automobile-related groups and concentrate on the car business from now on.
This means Chung Ju Yung's younger brother Chung Seh Yung and his son Chung Mong Kyu, the current chairman of Hyundai Motor Company will step down from the central post in the group's car business. Chung Mong Kyu is apparently going to be appointed vice chairman and be responsible for foreign and domestic sales as well as production.
Chung Mong Koo is a flamboyant but frugal individual who closely resembles his father. 'MK', as he is often called, graduated from Kyungbok High School and Hanyang University's industrial management department and entered Hyundai as a regular salaried employee in Feburary 1970.
'MK' is the heir apparent of Hyundai Group. His younger brother Chung Mong Heon, who leads Hyundai Electronics and Hyundai Construction, was once rumored to displace MK's position, but the group's primary owner Chung Ju Yung threw his support behind the oldest son, after all.
The other five sons will keep running Hyundai's many subsiduaries.
His sixth son Mong Jun, the current FIFA vice president, chairman of the Korean Football Association and elected member of the National Assembly, will keep his sports business until the 2002 Korea-Japan World Cup.




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