Jung Mong-koo, Chairman of Hyundai Motor Group, Earns 2.4 Billion KRW in H1... Chung Eui-sun, Vice Chairman, 2.2 Billion KRW

Chairman Chung Mong-koo's Compensation Decreases by 35% Year-on-Year... Vice Chairman Chung Eui-sun's Increases by 9%

Chung Mong-koo, Chairman of Hyundai Motor Group (Photo by Hyundai Motor Group)

[Asia Economy Reporter Kim Ji-hee] Chung Mong-koo, Chairman of Hyundai Motor Group, received a total compensation of 2.43 billion KRW from Hyundai Motor and Hyundai Mobis in the first half of this year. His son, Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, received a salary of 2.183 billion KRW during the same period.

According to the semi-annual reports of each company on the 14th, Chairman Chung received 1.512 billion KRW from Hyundai Motor and 918 million KRW from Hyundai Mobis in the first half of 2020. His compensation decreased by 35% compared to the first half of last year (3.74 billion KRW).

During this period, Executive Vice Chairman Chung received 1.575 billion KRW and 680 million KRW from Hyundai Motor and Hyundai Mobis respectively, totaling 2.183 billion KRW. This represents a 9.1% increase compared to the same period last year. Although Executive Vice Chairman Chung voluntarily returned 20% of his salary along with 1,200 executives starting in April, the total amount for the first half increased due to the raise compared to the previous year.

Since his promotion to Group Chief Executive Vice Chairman of Hyundai Motor Group in September 2018, Executive Vice Chairman Chung's role has expanded across overall management, including new business and strengthening future competitiveness of the group, which appears to be the background for this increase in compensation.

Additionally, in the first half of this year, Yoon Yeo-cheol, Vice Chairman of Hyundai Motor, received 634 million KRW from Hyundai Motor. Albert Biermann, President of the Research and Development Division, received 1.067 billion KRW in the first half of this year, more than double compared to the same period last year. Although President Biermann's salary decreased by 5% compared to the previous year, other labor income increased due to welfare benefits, housing support, and additional support based on the criteria for long-term foreign executive support and the difficulty of living abroad.