Samsung co-CEO J.K. Shin shows off the new Galaxy Gear smart watch. (image: Samsung Elecs)
SEOUL, May 17 (Korea Bizwire) – Shin Jong-kyun, president of Samsung Electronics’ IT & mobile division, has made 9,664 million won in income during the three-month period in the first quarter of this year, becoming the highest-earning executive in Korea for the quarter.
According to the first-quarter report submitted by the company to the Financial Supervisory Service on May 15, he earned a total of 9.7 billion won in quarterly income, including salaries of 432 million won, bonuses of 144 million won, and other incomes of 9,088 million won. This is 1.8 times higher than the income he reported in the whole year of 2013 at 3,451 million won.
Other incomes are special bonuses paid to registered executives. A Samsung Electronics official said, “At the end of every quarter, registered executives are paid special bonuses proportional to the division’s earnings performance. Mr. Shin’s earnings reflect his division’s excellent performance.” Last year, the company posted operating profit of 36.78 trillion won, of which 24.96 trillion won, or 67.9 percent, was earned by the mobile division.
Meanwhile, Kwon Oh-hyun, president of Samsung’s device solution division that includes semiconductors, earned 1,426 million won while consumer electronics division president Yoon Bu-geun took home 1,196 million won.
In other business groups, Hyundai Motor Group chairman Chung Mong-ku received a total of 2,840 million won in compensation from three group companies including Hyundai Motor (1,200 million won), Hyundai Mobis (900 million won), and Hyundai Steel (740 million won). SKC Inc. president Chey Shin-won made 1,970 million won and Hanjin Group chairman Cho Yang-ho earned 1,838 million won in income for the quarter.
LG Group chairman Koo Bon-moo won 1,759 million won, followed by SK Supex Council chairman Kim Chang-geun who took home 1,444 million won. GS Group chairman Huh Chang-soo and Hyosung Group chairman Cho Suck-rai each earned 926 million won and 663 million won. E-Mart advisor Huh In-cheol received 2,440 million won (including retirement pay of 1,990 million won) for the first quarter.
The executive pay disclosure was based on the Capital Markets Act revised on November 29 last year. According to the new law, any registered executive who received compensation in excess of 500 million won is supposed to reveal the information in the company’s quarterly business report.
Written by Sean Chung (schung10@koreabizwire.com)
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