Chairman Chung Mong-koo of Hyundai Motor Group Earned 7 Billion KRW Last Year... Vice Chairman Chung Eui-sun Earned 5.2 Billion KRW

[Asia Economy Reporter Suyeon Woo] Chung Mong-koo, Chairman of Hyundai Motor Group, and Chung Euisun, Executive Vice Chairman, received 7 billion KRW and 5.2 billion KRW respectively from affiliates last year. Compared to the previous year, Chairman Chung's compensation decreased by 27%, while Executive Vice Chairman Chung's salary increased by about 76%.

According to the Financial Supervisory Service's electronic disclosure on the 30th, Chairman Chung received a total of 7.04 billion KRW last year, including 4.18 billion KRW from Hyundai Motor Company and 2.86 billion KRW from Hyundai Mobis. This amount represents a 26.5% decrease compared to the previous year based on total compensation. Last year, Chairman Chung received all his salary as base pay without any incentives.

Hyundai Motor Group Vice Chairman Chung Euisun is delivering a New Year's address at the 2020 Hyundai Motor Group Kick-off Ceremony held at Hyundai Motor Company headquarters in Seocho-gu, Seoul, on the 2nd. Photo by Hyunmin Kim kimhyun81@

On the other hand, Executive Vice Chairman Chung received a total of 5.189 billion KRW, including 3.402 billion KRW from Hyundai Motor Company and 1.787 billion KRW from Hyundai Mobis. This total compensation increased by 75% compared to the previous year. Compared to the total wage in 2017, the year before he was promoted to Group Executive Vice Chairman, his salary has nearly tripled (188%) in three years.

Last year, Executive Vice Chairman Chung received a base salary of 2.5 billion KRW, a bonus of 750 million KRW, and other labor income such as long-term service awards amounting to 152 million KRW from Hyundai Motor Company. From Mobis, he received a base salary of 1.274 billion KRW and a bonus of 513 million KRW.

Regarding the increase in Executive Vice Chairman Chung's salary, Hyundai Motor Group explained, "He was appointed Group Executive Vice Chairman in September 2018 and was named CEO of Hyundai Motor Company and Hyundai Mobis in March last year, expanding his roles and responsibilities across the group affiliates."

Meanwhile, among current executives in Hyundai Motor Group excluding Chairman Chung and Executive Vice Chairman Chung, Vice Chairman Yoon Yeo-cheol of Hyundai Motor Company topped the list with an annual salary of 1.845 billion KRW. Following him were Jung Tae-young, CEO of Hyundai Card, with 1.777 billion KRW; Luke Dong-kervolke, Vice President of Hyundai Motor Company, with 1.643 billion KRW; Jung Jin-haeng, Vice Chairman of Hyundai Construction, with 1.59 billion KRW; and Albert Biermann, President of Hyundai Motor Company, who received 1.587 billion KRW.

This content was produced with the assistance of AI translation services.