Park Jun-hyung, Chairman of Silla Trading, Received 25.6 Billion KRW in Compensation Last Year... Ranked 2nd Among Listed Companies

[Asia Economy Reporter Jang Hyowon] Park Junhyung, chairman of Shilla Trade, received a total compensation of 25.6 billion KRW last year. This amount ranks second among all listed company executives' annual salaries.

According to the Financial Supervisory Service's electronic disclosure on the 31st, Park Junhyung, chairman of Shilla Trade, received a total compensation of 25.6 billion KRW last year. Among listed companies whose salaries were disclosed last year, Park's income is second only to the late Cho Yangho, former chairman of Hanjin Group, who received a total compensation of 70.2 billion KRW.

Most of Chairman Park's income is retirement pay. Although Park's term is until March 2022, he withdrew 24.1 billion KRW of retirement pay early last year. The reason for the withdrawal has not been disclosed.

The reason for Chairman Park's high retirement pay is his long tenure. Until last year, Park had worked at Shilla Trade for a total of 52 years and 5 months. Shilla Trade stated that the retirement pay was calculated by multiplying Park's average wage by his length of service and a multiplier (2 times), according to the executive retirement pay regulations.

Founded in 1967, Shilla Trade is a company engaged in deep-sea fishing and seafood distribution. At the time of its establishment, it was involved in textile export business, but as Korea's textile industry faced a downturn in the 1970s, it is known to have focused on deep-sea fishing.

Deep-sea fishing is divided into longline fishing and purse seine fishing depending on the fishing method. Longline fishing catches tuna for sashimi, while purse seine fishing catches tuna for processing. Currently, Shilla Trade owns 11 tuna longline vessels and 6 purse seine vessels. Last year, it recorded sales of 146.7 billion KRW, accounting for about 40% of Shilla Trade's total sales.

The seafood distribution sector is a business that sells seafood such as pollock and tuna caught by overseas joint ventures domestically and internationally. Last year, it recorded sales of 133.1 billion KRW, accounting for 36% of total sales.

Last year, to secure new growth engines, Shilla Trade acquired Donghwa Cheonggwa, a domestic fruit and vegetable distribution company, for 77.1 billion KRW. Agricultural product brokerage sales were 19.2 billion KRW last year, accounting for about 5.2% of total sales.

Meanwhile, Shilla Trade recorded sales of 369.6 billion KRW last year, an increase of 4.02% compared to the previous year. However, operating income posted a loss of 4.2 billion KRW due to a decline in tuna prices.