Hyundai son defies father's wishes

Hyundai Motors'' chairman is proving recalcitrant in defying his father''s call to step down.

Chung Mong Koo MK, chairman of Hyundai Motors, is refusing to obey his father's wishes and resign from the helm of Korea's top automaker. Hyundai Group's restructuring committee today said founder Chung Ju Yung JY and his two sons - Chung Mong Hun MH, who was recently appointed chairman of the group and MK - would relinquish management control of the conglomerate and its affiliates. This was countered minutes later by a Hyundai Motors statement saying there would be no management changes until the company's spin-off has been completed.

MK's move follows on from the appointment of his younger brother, MH, as Hyundai Group chairman in March. ...

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