The company said on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Chung on the board. Shareholders will vote on the proposal during a meeting on March 19.

Chung, the son of Hyundai's founder, has been stepping back from frontline operations in recent years.

Meanwhile, his son and heir-apparent, Euisun Chung, has become increasingly visible since being promoted to executive vice chairman in 2018.

Mong-Koo Chung is the only one of five executive directors whose term expires this year, Hyundai's website showed.

He will remain as chairman and as an executive who does not hold a board seat, a spokesperson said.

(Reporting by Joyce Lee; Editing by Mark Potter)

Stocks treated in this article : Hyundai Motor Co, Frontline Ltd