Hyundai head quits from Kia board, still chairman

SEOUL (Reuters) - Chung Mong-koo, who heads the Hyundai Motor group, will step down as executive board member of affiliate Kia Motors Corp but plans to stay on as Kia's chairman, the company said on Thursday.

"The move is aimed at giving more autonomy to Kia's day-to-day management," a senior Kia official told Reuters.

Company officials said the decision would have to be made official at Kia's annual shareholder meeting on March 6.

Hyundai and Kia form the world's No. 5 automaker.