SEOUL, June 10 (Korea Bizwire) — The number of executives at South Korea’s conglomerates have declined in the first quarter, a report showed Wednesday, as many businesses here scrambled to cut back costs amid a protracted economic slowdown.
The number of high-ranking executives at 268 firms affiliated with 30 local conglomerates stood at 10,486 in the January-March period, down 1.1 percent from a year earlier, according to the report by market researcher CEO Score.
Hyundai Heavy Industries, the world’s top shipbuilder, saw the largest drop in its top management personnel at 42, followed by tech giant Samsung Electronics and Samsung C&T at 29 and 25, respectively, the report showed.
The fall in C-suite members came amid weak corporate earnings.
In the case of Samsung Group, two-thirds of its affiliates posted lower-than-expected earnings, according to industry data.
On the other hand, several conglomerates increased their number of executives, with Lotte Group expanding its high-ranking personnel by 34 people. Hanjin Group and Hyundai Motor Group also pushed up the number by 23 and 19 people, respectively.