Widow of tycoon takes Hyundai helm

Widow of tycoon takes Hyundai helm

SEOUL: The widow of the late chairman of South Korea's Hyundai
Group on Tuesday took the helm of the ailing business empire,
Hyundai said.

Hyun Chung-Eun, the wife of the late Hyundai Group chairman
Chung Mong-Hun, inherited the chairmanship of the group when she
was appointed chairwoman of Hyundai Elevator, the group's de
facto holding company.

"The board of directors held a meeting today and appointed
Hyun Chung-Eun, widow of the late chairman Chung Mong-Hun, as
chairwoman of Hyundai Elevator," Hyundai Elevator said in a
statement.

Hyun, 48, inherited a 4.98-percent stake in Hyundai Merchant
Marine from her husband, while her mother, Kim Mun-Hee, has
transferred the voting rights for her 18.57-percent stake in
Hyundai Elevator to Hyun.

Hyundai Elevator is the largest shareholder in Hyundai
Merchant Marine, with a 15.16 percent stake. Hyundai Merchant
Marine has under its wings five companies including Hyundai Asan
and Hyundai Securities. -- AFP