New Hyundai CEO paycheck: Here's how much Tarun Garg earned before his big promotion in FY25

Hyundai Motor India on Wednesday announced a major leadership shift, appointing Tarun Garg as its new Managing Director and Chief Executive Officer (MD & CEO). Garg becomes the first Indian national to head HMIL in its 29-year history.

The outgoing MD, Unsoo Kim, will move to a strategic role at Hyundai Motor Company (HMC), South Korea.

Garg, who joined Hyundai India in 2019, was serving as the Whole-Time Director and Chief Operating Officer before his elevation. During FY25, he drew an annual remuneration of Rs 5.49 crore, including Rs 3.55 crore salary, Rs 52 lakh in prerequisites and Rs 1.41 crore in performance incentives. In contrast, Kim earned Rs 7.06 crore during the same period, comprising Rs 3.82 crore salary, Rs 3.82 crore prerequisites, and Rs 89 lakh performance incentives.

Hyundai's Tarun Garg: 'Excited to lead Hyundai's growth and future of mobility in India,” says newly named MD & CEO

As he steps into the CEO role, Garg is expected to focus on four pillars – Future Strategy Focussed, Market & People Centered, Customer Orientation and Make in India momentum.

Garg has proposed an investment of Rs 45,000 crore towards Hyundai's expansion in India and plans to ramp up research and development (R&D) spending between FY26 and FY30. In Hyundai's FY25 annual report, he outlined plans to launch 26 new models and upgrades by FY 2029-30, including six electric vehicles (EVs) and 20 internal combustion engine (ICE) models.

Known for his people-first leadership style, Garg has advocated inclusivity initiatives like “Samarth by Hyundai,” aimed at creating awareness and accessibility for people with disabilities. His approachable leadership and community connect were among the key factors behind his promotion, according to the company.

Who is Tarun Garg? Hyundai India’s first Indian MD & CEO

Garg's rise with Hyundai has been rapid, He began as Head of Sales, Service and Marketing, leading core customer-facing functions, before being promoted to COO in 2023 for his performance and strategic prudence.

Before joining Hyundai India, Garg spent over two decades at Maruti Suzuki India Limited (MSIL), where he started as a Management Trainee, rose to the position of Executive Director of Marketing, Logistics, Parts and Accessories.

Garg, a Mechanical Engineer Delhi Technological University (formerly known as Delhi College of Engineering), and an MBA graduate from Indian Institute of Management (IIM) Lucknow, hold both engineering expertise wit sharp business acumen.

Hyundai Motor India names Tarun Garg as Managing Director, first Indian to lead as CEO

Meanwhile, Hyundai Motor India reported an 8% drop in its net profit in Q1 FY2026 at Rs 1,369 crore, compared to Rs 1,489.6 crore in the year-ago period. Revenue fell 5.4% year-on-year to Rs 16,413 crore, while EBITDA declined 6.6% to Rs 2,185.2 crore.

However, sales momentum improved in September 2025, rising to 70,347 units, buoyed by the government's GST rejig. Domestic dispatches stood at 51,547 units, while exports surged to 18,800 units, up from 13,100 in the same month last year.

Under the GST restructure, the rate on small cars has been cut to 18% from 28% while larger cars continue to attract 40% GST, though the cess has been removed.

Shares of Hyundai Motor India were up 2.16%, trading at Rs 2472.60 apiece on the Bombay Stock Exchange (BSE) at 11:30 am. Hyundai Motor India made a muted debut on the Indian stock market on 22 October 2024, listed at Rs 1,931 on BSE, a discount of 1.5% to the issue price of Rs 1,960.