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Biz News Korea(Eng)

SK Innovation to reward CEO with stock option for first time

Collected: 2018.02.28

Distributed: 2018.03.02

Source: Go Direct

CEO Kim Jun [Photo by SK Innovation Co.]

South Korea’s leading oil refiner SK Innovation Co. is seeking to award its chief executive with stock options for the first time in its seven-year history after hitting record profits last year.

The company said Tuesday the proposed compensation package for CEO Kim Jun will be submitted for approval at the next shareholder meeting on March 20.

If approved, Kim would be granted a total of 70,551 common shares with the right to buy 23,517 shares at a fixed price in three equal installments from 2020 to 2025. He would be able to gain financially if the stock price remains above the option’s strike price.

The surprise package came after SK Innovation posted a record operating profit of 3.23 trillion won ($2.99 billion) on sales of 46.8 trillion won in 2017. Earnings in its non-refinery business, including chemical and lubricants, also topped 2 trillion won for the first time.

The company said it will consider offering stock option as part of executive compensation to align the interests of management and shareholders.

As of 1:15 p.m., SK Innovation shares were up 0.72 percent at 208,500 won.

By Kang Doo-soon and Kim Hyo-jin

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