Chaebol owners, execs rake it in during 2014

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Chaebol owners, execs rake it in during 2014

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Despite grim economic indicators in 2014, chief executive officers and owners of Korea’s major conglomerates enjoyed sharp increases in their annual salaries.

The statistics were made available Tuesday by the Financial Supervisory Service through its Data, Analysis, Retrieval and Transfer (DART) electronic disclosure system.

Under a revised capital market law, listed companies are required to disclose salaries of executives with management rights to the financial authority within 90 days of the start of their new business year.

Among the owners of family-run businesses, the highest paid was Chung Mong-koo of the nation’s top automaker, Hyundai Motor Group.

Chung took in a total of 21.5 billion won ($19.4 million) last year, up from 14 billion won in 2013.

According to the group, the total amount surged because Chung was registered as an executive of three group subsidiaries. The chairman received 5.7 billion won from Hyundai Motor Company, the group’s flagship business, 4.29 billion won from Hyundai Mobis and 11.5 billion won from Hyundai Steel.

SK Group Chairman Chey Tae-won, who was the No. 1 chaebol executive in terms of annual salary in 2013 at 30.1 billion won, was excluded in the latest report. Chey has been jailed and resigned from all of his posts at SK subsidiaries.

Eyes were on the salaries of three CEOs of Samsung Electronics, who ranked with the nation’s highest-paid executives in 2013. Salaries of Chairman Lee Kun-hee and Vice Chairman Jay Y. Lee are not disclosed.

The highest-paid Samsung executive in 2014 was Shin Jong-kyun, the CEO of the IT & Mobile Division. He received 14.6 billion won, a raise of about 136 percent from 2013.

Kwon Oh-hyun, the vice chairman of the top electronics maker and head of the Device Solution Division, took home 9.38 billion won, up from 6.7 billion won a year earlier.

Yoon Boo-keun, CEO of the consumer electronics unit, earned 5.49 billion won, slightly up from 5 billion won in 2013.

LG Group Chairman Koo Bon-moo was paid 4.42 billion won last year, up from 4.3 billion won in 2013. LG Display chief executive Han Sang-beom reported an annual salary of 1.4 billion won, a 22 percent increase from the previous year.

Despite tumbling retail sales last year in the wake of the Sewol ferry sinking tragedy in April, salaries of large retailers climbed.

In the Internet world, Lee Sirgoo, co-CEO of Daum Kakao, was the highest paid at 4.2 billion won. The sale of 4 billion won in Kakao stock was included in his annual salary.

BY SONG SU-HYUN [song.suhyun@joongang.co.kr]

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