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