November 24, 2024

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CJ Group Chairman Lee Jay-hyun (Yonhap)

Five South Korean CEOs took home more than 10 billion won ($8.2 million) last year, bolstered by either the exercise of stock options or large compensation packages, data released as of Tuesday showed.

The data excludes those who received retirement packages.

CJ Group Chairman Lee Jay-hyun earned a total of around 21.86 billion won last year, his salary nearly doubling from the previous year and ranking atop the list, data from the Financial Supervisory Service showed Monday.

Lee received a 3.1 billion-won base salary and 5.9 billion won in compensation pay from CJ Group, as well as a 2.8 billion-won base salary and compensation pay of 5.5 billion won from CJ’s food and bio arm CJ Cheil Jedang. He also had a base salary of 1.8 billion won and compensation of nearly 2.6 billion won from the conglomerate’s entertainment arm CJ ENM, according to the watchdog’s electronic disclosure system.

CJ cited the chairman’s role behind the company’s growth and its ability to generate profit amid the COVID-19 pandemic. Lee had earned a combined 12.3 billion won in 2020.

Former local game developer Krafton CEO Kim Hyo-sub ranked closely behind at No. 2, also receiving about 21.85 billion won with the majority earned via exercising stock options, data released by industry tracker CEO Score showed. On top of his 1.04 billion won base salary, Kim raked in a combined 19.8 billion won by selling 41,500 shares in Krafton for 469,000 won per share last year. His shares were initially priced at 1,003 won per share.

Kim stepped down as CEO of Krafton in June 2020.

Coming in at No. 3, Lee Wan-jae, president of SKC, the chemical affiliate of SK Group, earned a combined 21.3 billion won, also benefiting from exercising stock options, according to CEO Score. He sold 121,908 shares in SKC at a price of 199,000 per share, raking in a combined 19.2 billion won. His base salary was 1.6 billion won last year.

Lotte Group Chairman Shin Dong-bin followed, receiving a combined 15 billion won from holding group Lotte Corp. and five of its subsidiaries, FSS data showed. He earned 3.5 billion won from Lotte Corp., 5.9 billion won from Lotte Chemical, 1.5 billion won from Lotte Shopping, 1.9 billion won from Lotte Confectionery and 1.1 billion won from Lotte Chilsung. As some of the Lotte subsidiaries have yet to disclose their reports, Shin is expected to have earned some 18 billion last year.

SK Biopharmaceuticals CEO Cho Jeong-woo, meanwhile, ranked at No. 5 with 11.7 billion won.

By Jung Min-kyung (mkjung@heraldcorp.com)