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 (email@example.com)