Euisun Chung, chairman of Hyundai Motor Group, received a total salary of 11.5 billion won from Hyundai Motor and Hyundai Mobis last year. This represents a decrease of about 700 million won compared to the previous year.

Chung Eui-sun, chairman of Hyundai Motor Group, is giving a commemorative speech at the ground-breaking ceremony for 'Hyundai Motor Group Metaplant America' held in Bryan County, Georgia, USA on Feb. 25 (local time). /Courtesy of Hyundai Motor

According to Hyundai Motor's business report on the 12th, last year, Chairman Chung received 4 billion won in salary, along with bonuses and other income of 3.087 billion won, totaling 7.087 billion won. This is a decrease of 1.114 billion won (13.6%) from the previous year (8.2101 billion won).

Chairman Chung also received a total of 4.431 billion won from Hyundai Mobis, where he serves as an executive officer. This amount includes a salary of 2.5 billion won, a bonus of 1.75 billion won, and other earned income of 181 million won.

When combined, Chairman Chung's total salary last year was 11.518 billion won. This amount is a decrease of 5.6% (683 million won) compared to the previous year, which was 12.21 billion won.

While Chairman Chung also serves as an executive officer at Kia, he did not receive compensation from Kia until last year. However, if his compensation plan passes at the Kia shareholders' meeting this month, he may start receiving compensation from Kia this year.

Hyundai Motor Group explained that the decrease in the bonus Chairman Chung received from Hyundai Motor, which fell from 4.2 billion won to 2.8 billion won, is attributed to various factors, including the base effect of the bonuses given in 2023, which resulted from record high operational performance.

Jang Jae-hoon, who was promoted to vice chairman after serving as the president and CEO of Hyundai Motor until the end of last year, received a total of 3.399 billion won, comprising a salary of 1.416 billion won, a bonus of 1.981 billion won, and other earned income of 2 million won. This amount represents a decrease of 12.7% compared to the previous year (3.894 billion won).

In contrast, starting this year, José Munoz, who became Hyundai's first foreign CEO, received 2.839 billion won, an increase of 24.1% compared to the previous year (2.287 billion won). Hyundai noted, "5,000 shares of common stock were included in President Munoz's bonus payment."