South Korea’s National Pension Service said it will vote against the reappointment of Mando Corp.’s chief executive officer, saying he damaged shareholder interests when approving the bailout of an affiliate.
When Hyundai Motor Co. last overhauled the Sonata in 2009, motorists embraced the curvier exterior and the South Korean company went on to gain more market share than any major automaker for the next half decade.
Schindler Holding AG, the Swiss elevator maker, is weighing a sale of it’s stake in Hyundai Elevator Co. to prevent its investment from being diluted by future share sales, Chairman Alfred Schindler said.
Hyundai Motor Co. Chairman Chung Mong Koo was ordered by a court to pay the company 74.6 billion won ($66 million) for unfairly helping affiliates at the expense of the automaker he’s led for a decade.
Great Wall Motor Co.’s billionaire Chairman Wei Jianjun pushed back deliveries of the company’s most expensive SUV after the automotive press panned the Haval H8 in test drives. It turned out to be a $2.4 billion decision.
Hyundai Motor Co. and Kia Motors Corp., South Korea’s two largest automakers, forecast their weakest sales growth in eight years as competition intensifies and the stronger won hampers exports. The shares fell.