DoubleU CEO is top-paid exec in first half

DoubleU Games Vice President Park Shin-jeong was Korea’s highest-paid executive in the first half of the year thanks to the massive profits earned from a stock option.

According to the Financial Supervisory Service and financial information provider FnGuide, Park received more than 23 billion won ($20.3 million) in the first half, the most among senior executives at Kospi and Kosdaq listed companies.

Park’s salary was 175 million won and bonuses amounted to 350 million won. But the 39-year-old pocketed 23 billion after selling the 373,347 shares he received as stock options in April.

The company’s stock between late last year and March saw a significant increase thanks to strong performances after the company acquired U.S. social casino game developer Double Down Interactive for $825 million in June.

The second-ranked executive was the former chief operating officer, Ji Sung-kwon, of the Kosdaq biopharmaceutical company SillaJen, who earned a total of 10.3 billion won, which also mostly made by selling off his stock option. Former outside director of the same company Park Chul ranked third after making nearly 9.9 billion won, mostly from selling his stock option in the biopharmaceutical company.

Another DoubleU Games senior official ranked among the top five. Executive Kim Hyung-jin pocketed 8 billion won in the first half after a 7.69 billion won stock option sale.

Controversial Hanjin Group Chairman Cho Yang-ho ranked the highest among the top conglomerate owners, coming in at fifth.

Cho, who is currently being investigated for possible inheritance tax evasion as well as embezzlement and several other violation of antitrust law, received total of 5.8 billion won for the first half in salary and bonuses. The largest payment came from Hanjin Group’s flagship business, Korean Air, at over 2 billion won, followed by Hanjin Kal with 1.6 billion won.

Despite his death on May 20, late LG Group Chairman Koo Bon-moo made it into the top 10 with 5.4 billion won in salary and bonus, ranking ninth after NCsoft founder and CEO Kim Taek-jin, who made 5.6 billion won.

Many of conglomerate owners pocketed more than 4 billion won in the first half, including Hyundai Motor Group Chairman Chung Mong-koo, with 4.96 billion won, and SK Group Chairman Chey Tae-won with 4 billion won.

Lotte Group Chairman Shin Dong-bin, who is currently behind bars awaiting trial on charges of colluding with the previous Park Geun-hye administration, received 2.1 billion won, including 917 million won from Lotte Shopping, 583 million won from Lotte Chemical and 583 million won from Hotel Lotte.

Kwon Oh-hyun, who was promoted to Samsung Electronics chairman last November, failed to make it into the top 10. In past years, he ranked as the highest-paid executive. In the first half, Kwon took home 5.17 billion won.

Interestingly, the heir to the country’s largest conglomerate Samsung Group, Lee Jae-yong, received no payments from Samsung Electronics. Lee was released from prison in February this year on probation.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]