Hyundai executives offer to resign

Hyundai executives offer to resign

SEOUL: Eight top executives from the Hyundai group of companies tendered their resignations on Thursday, officials said, amid a heated family feud for control of the ailing South Korean conglomerate.

The leadership shakeup came as shares of the group's de-facto holding company, Hyundai Elevator were driven up in a bidding war for the stock.

"They have submitted resignations to help overcome the current problems surrounding the managerial rights to the group," the Hyundai Group said in a statement after a meeting of the CEOs presided over by group chairwoman Hyun Jung-Eun.

The battle for control of the company was triggered after Hyun inherited the group from her late husband Chung Mong-Hun following the former group chairman's death by suicide in August.

Since then she has been locked in a bitter feud with Chung Sang-Yung, her late husband's uncle, who is seeking to take over the group through his own company, the Kumgang Korea Chemical Co. (KCC), which has raised its stake in Hyundai Elevator.

The resignations came as some of the CEOs have come under attacks from shareholders about the current financial difficulties of the group. -- AFP