[비즈한국] It has been confirmed that Hyundai Card Vice Chairman Chung Tae-young has rejoined the board of Seoul PMC, a company from which he had previously resigned. Seoul PMC was formerly the operator of 'Jongro Academy,' founded by Vice Chairman Chung's father, and is currently engaged in the real estate business. Vice Chairman Chung previously served as a non-executive director at Seoul PMC but resigned in February of this year, with approximately one year and five months remaining in his original term. However, it has been confirmed that he was reappointed in July, just five months later.
Seoul PMC is the legal entity that formerly operated 'Jongro Academy.' Jongro Academy is an entrance exam prep academy founded by the late Chairman Chung Kyung-jin, the father of Vice Chairman Chung Tae-young. Seoul PMC sold Jongro Academy to Haneul Education in 2014 and has since focused on real estate-related businesses. It currently owns buildings in areas such as Seongsu-dong and Hannam-dong.
Vice Chairman Chung Tae-young is the largest shareholder of Seoul PMC, holding an 82.19% stake, and served as CEO from November 2003 to December 2010. After stepping down as CEO, he kept his distance for a while before being appointed as a non-executive director in July 2018. At the time, the business community interpreted his resignation as CEO of Seoul PMC as a move to focus on the management of Hyundai Card.
A non-executive director does not engage in the company's daily operations but attends board meetings to exercise voting rights. Therefore, the workload is lighter than that of a CEO. However, even while serving as a non-executive director at Seoul PMC, Vice Chairman Chung played an important role in management by serving as the chairman of the board.
According to the corporate registry, Vice Chairman Chung Tae-young resigned as a non-executive director of Seoul PMC in February of this year. His original term was set to run until July 2027. He resigned suddenly with 1 year and 5 months left in his term. Although Vice Chairman Chung is focused on managing Hyundai Card, there did not appear to be a significant need for him to resign from his non-executive director position at Seoul PMC.
However, it has been confirmed that Vice Chairman Chung was reappointed as a non-executive director of Seoul PMC in July of this year, just five months after his resignation. Bizhankook attempted to contact Seoul PMC to hear their stance on the matter but was unable to reach them.
Although Seoul PMC is smaller in size compared to Hyundai Card, it holds relatively prime real estate. It owns properties in Seongsu-dong, Seongdong-gu, and Hannam-dong, Yongsan-gu, Seoul. Earlier this year, it sold the Gangnam Jongro Academy building located in Daechi-dong, Gangnam-gu, Seoul, to Woori Deul Church, while simultaneously signing a contract to purchase a building in Hannam-dong. This building is less than 100 meters away from a property they already own in Hannam-dong. The acquisition process is scheduled to be completed in September.
Hannam-dong is also deeply connected to Hyundai Card. Hyundai Card operates cultural facilities in Hannam-dong, including the 'Music Library,' 'Art Library,' and 'The Stage.' In particular, the Hyundai Card Music Library houses about 10,000 vinyl records and a significant collection of rare albums. Many customers have reportedly obtained a Hyundai Card specifically to gain access to the Music Library or Art Library.