Mando Corp., the biggest unit of South Korea’s Halla Group, tumbled the most in a year in Seoul trading as its plan to split into two raised investor concern that the company is preparing to buy more shares of affiliates.
Hyundai Motor Co. Chairman Chung Mong Koo revealed his salary for the first time after South Korea stepped up disclosure rules for executive pay to enhance transparency at the nation’s family-run business empires.
Hyundai Motor Co. forecast sales of its revamped Sonata midsize sedans that missed analyst estimates, as South Korea’s largest automaker seeks to regain U.S. market share from Toyota Motor Corp. and Honda Motor Co.
South Korea’s National Pension Service said it will vote against the reappointment of Mando Corp.’s chief executive officer, saying he damaged shareholder interests when approving the bailout of an affiliate.
Hyundai Motor Co. Chairman Chung Mong Koo was ordered by a court to pay the company 74.6 billion won ($66 million) for unfairly helping affiliates at the expense of the automaker he’s led for a decade.
When Hyundai Motor Co. last overhauled the Sonata in 2009, motorists embraced the curvier exterior and the South Korean company went on to gain more market share than any major automaker for the next half decade.