South Korea’s Hyundai Motor Group Chairman Chung Mong-koo has become the most-paid executive in the county last year. Among the non-family CEOs, Kwon Oh-hyun, vice chairman and chief executive officer of Samsung Electronics Inc topped the list for the second consecutive year. Chung Tae-young, vice chairman of Hyundai Card Co. was the biggest earner in the financial sector.

According to 2016 full-year reports of companies whose fiscal year ended December 31, 2016, Chung Mong-koo was paid total 9.28 billion won ($8.3 million) in salary for last year, becoming the most-paid registered executive director in the country. He received 5.3 billion won from automobile making unit Hyundai Motor Co. and 3.98 billion won from auto parts supplier unit Hyundai Mobis Co. for his works last year.

But the pay was less than the previous year when he earned 9.8 billion won. Chung Euisun, vice chair of Hyundai Motor Group and the chairman’s son was paid 2.15 billion won, 313 million won less than a year ago. Hyundai Group’s senior executives have voluntarily cut their salaries by 10 percent since October last year to weather sluggish motor sales amid a protracted global economic slowdown.

Kwon was paid total 6.7 billion won, becoming the country’s most-paid non-family CEO. But he also earned less than the previous year when he was paid 14.95 billion won as he did not receive any performance incentive pay last year.

Samsung Electronics Vice Chairman and Samsung Group’s de facto leader Jay Y. Lee was paid 1.14 billion won in salary from October to December last year. His salary was made public as he became a registered managing director of the board at Samsung Electronics in October. His full year salary is estimated at 5 billion won including bonus paid out for the first half last year.

GS Group Chairman Huh Chang-soo was paid total 7.4 billion won including 5.0 billion won from holding entity GS and 2.4 billion won from GS Engineering & Construction Corp. LG Chairman Koo Bon-moo was paid 5.8 billion won last year.

Among financial companies, Chung Tae-young was the biggest earner with total compensation reaching 2.7 billion won – 1.7 billion won from Hyundai Card and 1.0 billion won from Hyundai Commercial Inc. KB Securities Yoon Kyung-eun came in second with 2.7 billion won including 2.0 billion won performance incentive pay in the first half, followed by Meritz Securities CEO Choi Hi-moo with 2.68 billion won.

Yoon’s 2.0 billion won performance incentive pay is the highest amount paid out to the country’s financial firm CEOs since 2014 when the salaries of senior executives at listed companies became public. He reportedly was awarded for his achievement in boosting net earnings and delivering large profits from the sale of Hyundai Securities Co.

Korea Investment & Securities Co. CEO Yoo Sang-ho was paid 2.4 billion won, up by 700 million won from a year ago as his performance incentive doubled to 1.6 billion won after delivering outstanding performance amid a slowdown in the securities market.

The heads of the country’s major financial holding entities also were paid 1 billion won or more. Shinhan Financial Group Chairman Han Dong-woo earned 1.6 billion won last year, followed by Hana Financial Group Chairman Kim Jung-tai with 1.3 billion won. KB Financial Group Chairman Yoon Jong-kyoo was paid 1.0 billion won.

By Moon Il-ho and Kang Da-young

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]