Hyundai Motor Group Chairman Chung Eui-sun (left) and Samsung Electronics Chairman Lee Jae-yong watch a rehearsal for the Hyundai N x TOYOTA GAZOO Racing, Oct. 27, 2024. Yonhap

<이미지를 클릭하시면 크게 보실 수 있습니다>

SEOUL, December 24 (AJP) - The number of executive promotions at South Korea's top 30 business groups has decreased around 10 percent this year, reflecting growing economic uncertainties and prolonged market downturn, data from a corporate analysis firm showed on Tuesday.

According to a report by Leaders Index, 1,303 executives were promoted across top 30 major conglomerates between Aug. 1 to Dec. 20, marking a 9.6 percent decline from 1,442 promotions last year.

The decline was particularly pronounced in senior management positions, with promotions to president-level positions falling by 37.5 percent to 20 from 32 last year. Vice chairman appointments decreased to 4 from 11 in the previous year.

"Groups are prioritizing efficiency over expansion amid growing political uncertainties at home and abroad, coupled with prolonged economic downturn driven by high interest rates and inflation," the analysis firm said.

Among the top 10 conglomerates, Hanwha Group showed the steepest decline, with promotions dropping 37.4 percent to 62 executives from 99 last year. GS Group and Shinsegae Group followed with decreases of 33.3 percent and 29.6 percent respectively.

Samsung Group, Korea's largest conglomerate, recorded the smallest decrease among the top 10 groups, with promotions declining by just 1.9 percent to 260 from 265. Samsung Electronics, the group's flagship company, promoted 139 executives, down from 145 last year.

Notable appointments included Chung Yoo-kyung as Shinsegae Group chairwoman and Jung Kyo-sun as Hyundai Homeshopping chairman, marking the only chairman-level promotions this year.
Kim Dong-young 수습기자 davekim0807@ajupress.com

- Copyright ⓒ [아주경제 ajunews.com] 무단전재 배포금지 -