Hyundai Motor Corporation, the Korea-based car company controlled by the Chung family, has announced third generation Chung Eui-Sun has been appointed to the company's board.
The promotion of the 39-year-old was approved by shareholders today and increases speculation that Chung Eui-Sun will succeed his father, Hyundai's 71-year-old chairman Chung Mong-Koo, as head of the business.
Chung Ehi-Sun has previously served as a director of Hyundai's subsidiary company Kia Motors, and last year was appointed vice chairman of the family business.
Although he did not directly address the issues facing fellow family leader Akio Toyoda, in his address to shareholders chairman Chung did stress the need to focus on quality: "Strengthening product quality is the most important task this year, and we aim to increase global sales by keeping quality," he said.
Chung Ehi-Sun's appointment was announced as part of the company's annual report, in which it also recorded revenues of £18 billion for 2009. Hyundai was founded by Chung Ehi-Sun's grandfather Chung Ju-Yung in 1947 and is the sixth-largest car company in the world.
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