CJ Group chief tops list of 2022's best-paid CEOs

Industry

Published: 27 Mar. 2023, 15:54 Updated: 28 Mar. 2023, 18:45

CJ Group chief tops list of 2022's best-paid CEOs

From left, CJ Group Chairman Lee Jay-hyun, Hyundai Motor Group Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo [YONHAP]

The highest paid chief of Korea's top conglomerates for 2022 wasn't a big-name such as Samsung Electronics' Lee Jae-yong or Hyundai Motor Group's Euisun Chung.

The fattest paycheck went to food and retail-focused CJ Group chief Lee Jay-hyun who received 22.1 billion won ($17 million) last year. It marks the second consecutive year that he's taken the title.

Of the 22.1 billion won, he received 10.6 billion won from CJ, 7.3 billion won from CJ CheilJedang and 4.2 billion won from CJ ENM, according to business reports filed by major companies on Wednesday. His pay increased 218.6 million won from 2021’s 21.86 billion won.

Lee was followed by Hyundai Motor Group Executive Chair Euisun Chung with 10.6 billion won; then LG Group Chairman Koo Kwang-mo with 9.48 billion won; Lotte Group Chairman Shin Dong-bin with 9.24 billion won; Hanwha Group Chairman Kim Seung-youn with 9 billion won; GS Group Chairman Huh Tae-soo with 6.7 billion won and Doosan Group Chairman Park Jeong-won with 6.48 billion won.

Shin received his pay from four subsidiaries — Lotte Confectionery, Lotte Chilsung Beverage, Lotte Shopping and Lotte Chemical. However, there is a possibility that Shin’s rank may increase as reports from Lotte Hotel, Lotte Property & Development and Lotte have not been filed yet. Shin received a total of 18.26 billion won in 2021.

Former GS Group Chairman Huh Chang-soo, Huh Tae-soo’s older brother, received a total of 7.6 billion-won-salary last year — 1.56 billion won from GS, 2.41 billion won from GS Engineering & Construction and bonus pay of 3.71 billion.

Doosan Group Vice Chairman Park Ji-won, the younger brother of chairman Park, received a total of 5.1 billion won — including 1.4 billon won from Doosan Enerbility of which he is chairman, and bonus pay of 1.7 billion won.

Hanjin Group Chairman Walter Cho received 2.39 billion won from Korean Air and 2.8 billion won from Hanjin KAL. SK Group Chairman Chey Tae-won received 3.5 billion won from SK.

The Shinsegae Group owner family received a total of 16.5 billion won from Shinsegae and Emart. Chairwoman Lee Myung-hee and honorary chairman Chung Jae-eun each received 4.68 billion won, while Vice Chairman Chung Yong-jin and Shinsegae Department Store President Chung Yoo-kyung each received 3.62 billion won and 3.5 billion won.

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LS Group Chairman Koo Ja-eun received pay of 2.59 billion won while his cousin and LS Group board Chairman Koo Ja-yeol received a total of 5.6 billion won including pay of 2.58 billion won and bonuses amounting to 2.97 billion won. HD Hyundai’s CEO Chung Ki-sun received 589 million won from HD Hyundai and 525.5 million won from Korea Shipbuilding & Offshore Engineering.

Samsung Electronics Executive Chairman Lee Jae-yong has been managing the company without pay since 2017. His sister and Hotel Shilla CEO Lee Boo-jin received pay of 3.56 billion won.

In the game industry, game publisher NCSoft’s founder and CEO Kim Taek-jin was the highest paid chief with 12.38 billion won, which was 16.8 percent higher than 2021’s 10.6 billion won.

CEOs’ pay saw a decrease in general. Kakao Games’ CEO Cho Kye-hyun’s pay shrunk 19.6 percent on year to 1.83 billion won. Cho has a stock option of 450,000 shares which he did not exercise.

Krafton’s CEO voluntarily cut his pay to half as he returned his bonus. His pay decreased 50 percent on year to 1.04 billion won.

BY CHOI EUN-KYUNG [lee.jaelim@joongang.co.kr]