Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, altho
Chung Mong Koo
Rankings in this business usually revolve around cars themselves, but every year our friends over at Motor Trend put together a Top 50 list of another kind: MT's annual Power List ranks the people behind the cars. Their placement reflects not only their actions in the past and vision for the future, but also the success of the companies they lead.
Hyundai is looking to expand and the South Korean automaker has its eyes set on its nations largest construction firm, Hyundai Engineering. The Hyundai Motor Group, led by Chairman Chung Mong Koo, is seeking majority ownership in the building company and has just gotten a boost towards its goal thanks to the removal of a major roadblock.
The last few years have been very good to Hyundai, with increased sales and a spike in brand perception in North America, but in South Korea the situation has been a bit different. Hyundai chairman Chung Mong Koo has been knee deep in controversy surrounding his 2008 conviction for embezzlement and breach of duty. The controversy surrounding the conviction got even more intense after Chung's three-year sentence was waived and South Korean President Lee Myung Bak pardoned the chairman citing the
In South Korea, economics trumps justice. Chung Mong-koo, the head of Hyundai who recently received a suspended sentence for embezzling and bribes has -- along with 341,000 other businessmen, bureaucrats, and politicians -- been given a full pardon.
We just talked about the fact that Kia and Hyundai were scaling back sales projections for 2006, now we are learning that production will be adjusted as well. After a series of high-level scandals and ensuing postponements, Kia Motors Corp. finally broke ground on its Georgia facility today. And at the company's official groundbreaking ceremony today, it announced some changes. Most important was the announcement about where the new vehicles produced at this plant will be headed.
The South Korean government has decided not to pursue an indictment against Chung Eui Sun, president of Kia Motors. The move not to prosecute apparently stemmed from the fact that his father, Chung Mong Koo (Hyundai Motor chairman) was the one with final authority, and he is being indicted in the bribery scandal.