Hyundai Heavy Industries (HHI), the world’s largest shipbuilding company based in South Korea, said on November 23 that all of the CEOs of the Hyundai Heavy Industries Group’s affiliates will forego all of their salaries and directors will also return up to 50 percent of their salaries back to their companies as part of stringent belt-tightening measures.
At the group’s shipbuilding-related affiliates including HHI, department heads will relinquish 10 percent of their salaries. All the unnecessary events and various in-house, out-of-house training programs will be suspended until the HHI swings back into the black. Facility investment will be either reduced or shelved and all the directors, including the chairman and CEOs, will fly economy class on their business trips unless the flight time exceeds 6 hours.
