[Alpha Biz=(Chicago) Reporter Paul Lee] KCGI Asset Management (formerly Meritz Asset Management) called Hyundai Group Chairman Hyun Jung-eun's resignation as registered director of Hyundai Elevator and chairman of the board of directors the "first step toward normalization."

On the 22nd, KCGI Asset Management made the announcement in an online meeting and said it will continue to monitor whether to receive salaries and maintain decision-making after the current chairman's resignation. He also stressed that as a major shareholder of Hyundai Elevator, he will continue to make shareholder proposals necessary to enhance shareholder value in the future.

Following the resignation of the current chairman, Hyundai Elevator will hold an extraordinary shareholders' meeting on the 29th of next month. A new board of directors will be set up here and a new chairman of the board will be appointed through a follow-up temporary board of directors.

KCGI Asset Management also pointed out that assets are concentrated in too many areas, such as real estate, hotels and finance, in addition to the elevator business, which is the main focus of Hyundai Elevator's current business structure.

In addition, Hyundai Elevator's board of directors expressed concern over the disclosure of its 2.97% stake to the employee stock ownership association on the 10th. Meanwhile, KCGI Asset Management argued that Hyundai Elevator should retire all of its treasury shares, which currently account for 7.64%.

 

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