Hyundai Group chief resigns as chair of board at elevator unit

Seoul: Hyundai Group Chairwoman Hyun Jeong-eun will step down as chair of the board of directors at the group’s elevator unit next month to help improve its governance structure, the company said on Friday.

Hyun tendered her resignation from the chair position of Hyundai Elevator Co. at the company’s board meeting, the company said in a statement.

“Faced with growing demand for an advanced government structure in businesses, (I think) Hyundai Elevator also needs to respond to calls for board of director-centered management decisions,” Hyun said in the statement, reports Yonhap news agency.

Hyundai Elevator will form a new board of directors at an extraordinary shareholders meeting on Dec. 29, and the new board of directors will select a new chairperson, the statement said.