Seoul, Dec 26: Hyundai group said today it has replaced four top executives as the group's chairwoman Hyun Jung-Eun seeks to tighten her grip on the business empire locked in a heated family feud. Hyun accepted resignations tendered by Hyundai Logistics chairman Kang Myung-Koo, the group's strategic management president Kim Jae-Soo, Hyundai Merchant Marine vice chairman Jang Cheol-Soon and vice chairman Cho Gyu-Wook of Hyundai Securities, the group said.
Four other executives who have offered to resign to give Hyun a free hand in reshuffling the group's top executives were retained.
They include Hyundai Asan president Kim Yoon-Kyu, Hyundai Elevator president Choi Yong-Mook, Hyundai Merchant Marine chairman Noh Jeong-Ik and vice chairman and president Kim Ji-Wan of Hyundai Securities.
Hyundai Securities immediately held a meeting of the board of directors to endorse Hyun's decision. Other units are expected to follow steps soon.
The reshuffle came as the battle for control of the ailing conglomerate intensified between Hyun and her rival, Chung Sang-Yung, her late husband's uncle.
The feud started after Hyun inherited the group from her late husband Chung Mong-Hun following the former group chairman's death by suicide in August.
Since then she has been locked in a bitter feud with Chung, who is seeking to take over the group through his own company, the Kumgang Korea Chemical Co. (KCC), which has raised its stake in Hyundai Elevator. Bureau Report