Chairman Hyun Jeong-eun Sells All Hyundai Elevator Shares... Resigns from Board

[Image source=Yonhap News]

Hyun Jung-eun, Chairwoman of Hyundai Group (photo), has stepped down from her position as a registered director of Hyundai Elevator and sold all her shares.

On the 29th, Hyundai Elevator held an extraordinary general meeting at its headquarters in Chungju, Chungbuk, and approved the agenda items for the appointment of new directors and auditors as originally proposed.

Earlier, Chairwoman Hyun had announced her intention to resign from her roles as a registered director and chairperson of the board of Hyundai Elevator last month, citing corporate governance improvements.

Im Yu-cheol, CEO of the private equity firm H&Q Partners, was appointed as a non-executive director, and Lee Ki-hwa, a partner and certified public accountant at Dasan Accounting Corporation, was appointed as an outside director and audit committee member.

Additionally, Chairwoman Hyun disclosed that she sold all 2,245,540 shares (5.74%) of Hyundai Elevator stock, which she had received as a gift from her mother Kim Moon-hee, to Hyundai Network through an over-the-counter transaction. This deal took place on the 27th and was valued at 118.8 billion KRW.

However, Chairwoman Hyun still maintains control over Hyundai Elevator’s management through Hyundai Network and Hyundai Holdings Company.

Hyundai Elevator plans to implement shareholder return measures aimed at improving corporate governance and enhancing shareholder value through increased dividends.

This content was produced with the assistance of AI translation services.