New Leaders Emerge In Continued Shakeout

New leaders are emerging from the blood-letting at the Hyundai Group. Kang Myung-gu, deputy head of the group's restructuring committee, and the two top leaders of Hyundai Merchant Marine, Chairman Hyun Yung-won and President Kim Choong-shik, stand out. Only a year ago, the Hyundai Group heavily relied on so-called "the three lieges": Lee Ik-chi, former chairman of Hyundai Securities; Kim Yoon-kyu, the Hyundai Asan Corporation president and Kim Jae-soo, head of the corporate restructuring committee.

Currently Mr. Kang is in charge of external relations while Kim Jae-soo is in charge of internal affairs within the group.

Mr. Hyun, the father-in-law of Chung Mong-hun, has been in the spotlight during the recent shuffle of share holdings in the group. Hyundai Engineering & Construction, the group's parent company, will soon be separated from the group, and Hyundai Elevator Co. has emerged as the de facto holding company for other Hyundai units. Kim Moon-hee, Mr. Hyun's wife, has bought 18.57 percent of the elevator maker.

Kim Choong-shik is leading Hyundai Merchant Marine, which is now the hope of the group. He is also one of few people who can give outspoken advice to Chairman Chung about the future of the ailing conglomerate.

by Kim Si-re