September 08, 2024
Automobiles
Hyundai Motor chairman makes W4b salary in H1
The senior Chung raked in 2.29 billion won paycheck from Hyundai Motor, and another 1.71 billion won from Hyundai Mobis, Hyundai’s auto parts maker, according to the company’s semi-annual business report. The huge paycheck, however, is a 4.6 percent decline from the same period last year, when Chung took home 4.2 billion won from its affiliates.
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Meanwhile, junior Chung made 624 million won from Hyundai Motor only, down 5.6 percent on-year. While the group’s heir-apparent also receives earnings from Hyundai Mobis, he didn’t have to disclose the salary in a regulatory filing because the amount was less than 500 million won. In Korea, only executives who earn more than 500 million won are mandated to disclose their salary in a regulatory filing.
The on-year decline is largely attributed to the executives’ decision to voluntarily slash their salaries last year amid Hyundai’s sluggish sales at home and abroad, the carmaker said. In October, around 1,000 executives across Hyundai’s 51 affiliates decided to cut their wages by around 10 percent.
Among all chaebol owners, senior Chung ranked in fifth place, sliding from the second place last year. Amorepacific Chairman Suh Kyung-bae was the top earner with 9.64 billion won. GS Group Chairman Huh Chang-soo ranked second with 4.95 billion won, followed by LG Group Chairman Koo Bon-moo and Hanjin Group Chairman Cho Yang-ho who earned 4.3 billion won and 4.19 billion won, respectively.
By Ahn Sung-mi (sahn@heraldcorp.com)
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