Lotte Group Chairman Shin Dong-bin

Lotte Group Chairman Shin Dong-bin was most generously-paid CEO among chiefs of family-run chaebol conglomerates last year with annual compensation at 18.2 billion won ($14.9 million), while Jay Y. Lee, the de facto chief of the country’s largest enterprise Samsung Group, did not get a cent for the third year.

According to data filed at the Financial Supervisory Service on Monday, Lotte Group paid total 18.2 billion won in annual compensation to its chairman in 2019. Shin’s salary received from Lotte Group affiliates last year combined 2.1 billion won from holding entity Lotte Corp., 2.2 billion won from Lotte Shopping, 4.1 billion won from Lotte Chemical, 3.3 billion won from Hotel Lotte, 2.2 billion won from Lotte Confectionery, 2.6 billion won from Lotte Engineering & Construction, where he was registered as an executive. The payment from Lotte’s construction unit also included severance pay of 938 million won received upon stepping down from executive role.

The second-highest paid Korean CEO was CJ Group Chairman Lee Jay-hyun. He collected 12.5 billion won in total, with 6.2 billion won from holding entity CJ Corp., 2.8 billion won from food manufacturing unit CJ CheilJedang, and 3.5 billion won from entertainment unit CJ ENM. His total paycheck was down 23 percent compare to a year earlier due to a fall in incentives from the holding company and food maker.

GS Group made a paycheck of 9.0 billion won to honorary chairman Huh Chang-soo. His younger brother Huh Jin-soo, chairman of refinery unit GS Caltex received 9.5 billion won, including severance pay upon leaving CEO post.

Hyundai Motor Group Chairman Chung Mong-koo

Hyundai Motor Group paid its chairman Chung Mong-koo 7.0 billion won in total, and his son and executive vice chairman Chung Euisun 5.2 billion won. Excluding the founding family members of the country’s largest automaker, Hyundai Motor Co. Vice Chairman Yoon Yeo-chul was the most generously paid with 1.8 billion won, followed by chief design officer Luc Donckerwolke with 1.6 billion won.

Jay Y. Lee, de facto head of Samsung Group, the country’s largest business group, and vice chairman of Samsung Electronics Co. took home nothing. Lee has been working without pay since early 2017 after he was briefly imprisoned on bribery charges related to Korea’s ousted president Park Geun-hye.

That, however, does not mean he has earned nothing.

Lee was the second highest paid individual in terms of dividend earning last year, after his bedridden father and Samsung Group Chairman Lee Kun-hee, according to data released by local industry tracker CEO Score in late February.

Chey Tae-won, chairman of SK Group, spanning the country’s another memory chip giant SK Hynix and top mobile carrier SK Telecom, received 6.0 billion won in annual salary last year, the same as a year ago.

Cho Dae-shik, head of SK Group’s Supex Council

Among the CEOs of conglomerates not affiliated with the founding family, Cho Dae-shik, chairman of SK Group’s top decision-making body SK Supex Council was the highest paid with 4.7 billion won. When including severance pay, the top earner was Choi Yang-ha, who resigned as chairman and CEO of furniture maker Hanssem. Choi took home 8.7 billion won.

Samsung Electronics Vice Chairman Kwon Oh-hyun who had topped the list for four consecutive years until 2018 received 4.6 billion won. The electronics giant paid Kim Ki-nam, who leads the company’s semiconductor business, 3.5 billion won.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]