October 26, 2016 12:13
Hyundai Motor executives will take a 10 percent pay cut as a massive engine scandal engulfs the carmaker. The move will affect around 1,000 executives in 51 affiliates.
A Hyundai spokesman said the cut will start this month and executives made the decision voluntarily to demonstrate solidarity in tough times.
The automaker's operating margin fell from 10.3 percent in 2011 to 6.6 percent in the first half of this year. Affiliate Kia's operating margin also plunged from 8.1 percent to 5.2 percent over the same period.
Hyundai and Kia announce their earnings for the third quarter this week, which are likely to be the lowest since 2010.
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