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Korea Land & Housing Corporation CEO Lee Ji-song has recently given up stock option rights worth 13 billion won ($11 million) that he was awarded while working for Hyundai Engineering in 2005.
According to the country’s state-run land developer, Lee told Hyundai Engineering at the end of last year that he would not exercise 50,000 shares of stock options at the company.
The stock options were given to him in late 2005 when he served both as the chairman of Hyundai E&C and as an outside board director of Hyundai Engineering. At the time the stock price hovered at 17,000 won per share.
Considering that the unlisted stock is traded at about 270,000 won outside the stock exchange, Lee gave up a profit of 13 billion won.
“The stock options were given as incentives from creditors for the business recovery of Hyundai E&C. The CEO may have considered them as the rights for all employees at the company, not as his own,” said a LH official.
“As the head of a state-run company, his decision was made out of his sense of duty and honor as a public servant.”
By Lee Ji-yoon
(jylee@heraldcorp.com)
According to the country’s state-run land developer, Lee told Hyundai Engineering at the end of last year that he would not exercise 50,000 shares of stock options at the company.
The stock options were given to him in late 2005 when he served both as the chairman of Hyundai E&C and as an outside board director of Hyundai Engineering. At the time the stock price hovered at 17,000 won per share.
Considering that the unlisted stock is traded at about 270,000 won outside the stock exchange, Lee gave up a profit of 13 billion won.
“The stock options were given as incentives from creditors for the business recovery of Hyundai E&C. The CEO may have considered them as the rights for all employees at the company, not as his own,” said a LH official.
“As the head of a state-run company, his decision was made out of his sense of duty and honor as a public servant.”
By Lee Ji-yoon
(jylee@heraldcorp.com)
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Articles by Korea Herald
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