Chung Se Yung Leaves Hyundai Motors

Chung Se Yung, brother of Hyundai Group honorary chairman and founder Chung Ju Yung, finally decided to leave Hyundai after 32 years of service.
Chung, who was honorary chairman of Hyundai Motors, held a press conference, on March 5, at Hyundai's headquarters in Seoul and told reporters he would hand over all of his Hyundai Motors stock to Hyundai Group. In return, he will take over one of Hyundai's subsidiaries, reportedly Hyundai Industrial Development and Construction, which he will eventually make completely separate from Hyundai Group.
He said, 'I am going to become honorary chairman of the new company, but the day-to-day operations will be handled by my son, Mong Kyu.'
Hyundai Group officially announced that it took over all the motor company's shares that Chung possessed.
The struggle in Hyundai Motors that has raged since February 26 now seems to be over as Chung Ju Yung effectively handed over the motor company to his son, instead of his younger brother.
Regarding the current restructuring movement, Hyundai has announced that it will be concentrating on five major sectors - automobiles, electronics, heavy industry, construction, and finance and service.