Out With The Old At Hyundai

Its founder decides it's time for new leadership, new ventures

Even though he has retired from any official positions at the mighty industrial group he founded, Chung Ju-Yung is still pulling the strings at Hyundai from the shadows. That was clear at a simple ceremony on Jan. 3 at Hyundai's Seoul headquarters. As about 200 senior executives looked on, the current chairman and younger brother of the 80-year-old "Big Chung" abruptly handed the reins of management over to the founder's eldest son, Chung Mong-Ku.

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