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Hyundai reveals CEO's pay for first time ever

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, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.

Kia unveils refreshed 2019 Sportage small crossover

Kia has released official images of its refreshed 2019 Sportage and offered new details on interior updates and its 48-volt diesel mild hybrid system. Though the diesel version isn't likely to come to the States, the Sportage's new EcoDynamic+ diesel mild hybrid powertrain represents the first step in Kia's global electrification strategy, which will see the automaker launch 16 electrified or fuel-cell powertrain vehicles by 2025. For 2019, Kia will offer a 2.0-liter 'R' diesel engine paired with a 48-volt battery and an engine-off generator unit. Kia is also swapping an efficient new 1.6-liter 'U3' common-rail direct-injection diesel engine for the existing 1.7-liter diesel. The system is expected to eventually come to gas-engine models, so the technology could come stateside, too. We brought you spy shots of the 2019 Sportage undergoing testing last week, which showed the small crossover's updated front and rear bumpers and lamps. Kia says the exterior changes are rounded out with new 16-, 17- and 18-inch alloy wheels. The GT-Line models also get a gloss black radiator grille, gloss black and silver skid plate and dark chrome inserts on the side sills and rear tailgate. Inside the cabin, the 2019 Sportage gets a new steering wheel, revised instrument cluster and new black-and-grey two-tone upholstery. It gets Kia's Smart Cruise Control with Stop & Go, an Around View Monitor to help with parking and Driver Attention Warning, which sends an alert when it senses the driver getting drowsy. European customers will get a choice of new infotainment systems — a 7-inch touchscreen or new "frameless" 8-inch system. Kia sold more than 131,000 units of the Sportage in Europe in 2017, while the model's U.S. sales dropped 10 percent to 72,824. The 2019 Kia Sportage goes on sale in Europe during the third quarter. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2019 Kia Sportage Image Credit: Kia Kia Crossover Diesel Vehicles Hybrid diesel hybrid mild hybrid kia sportage

Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.