Hyundai Motor Chairman Earned $13 Million in 2013 image

Chung Mong-koo, Hyundai’s chairman, has earned last year a combined $13 million in pay.

Chung Mong-koo, who is the son of Hyundai’s founder, has received a total of 5.6 billion won from Hyundai Motor and 4.2 billion won from Hyundai Steel and Hyundai Mobis unit. Chung Eui-sun, who is the founder’s grandson, has earned 1.8 billion won from Hyundai Motor. To make a comparison, Ford’s CEO Allan Mulally has earned $23.2 million as a compensation for 2013.

Other automakers have revealed their executives’ compensation, with Nissan Motor’s CEO Carlos Ghosn earning 988 million yen ($10.1 million) and Toyota’s president Akio Toyoda,184 million yen ($1.9 million) for the year ended in March 2013.

Besides his annual compensation, Chung, 76, who owns 5.2% stake in Hyundai Motor, has also earned an annual dividend worth 22.2 billion won from the automaker in 2013. Chung has helped Hyundai in speeding up profit and sales over the past years, as rivals make a comeback and the local currency has started to strengthen.

Hyundai reported auto sales have increased 4% so far this year, compared with an increase of 7% globally in 2013, thanks to its revamped Sonata sedan which hit the South Korean market on March.