The Highest-Paid Card Company Executive in the First Half of the Year... Jung Tae-young, Vice Chairman of Hyundai Card, Earns 2.9 Billion KRW

Shinhan Card President Lim Young-jin Receives 870 Million Won
Former Hana Card CEO Jang Kyung-hoon, Who Retired in April, Also Receives 506.22 Million Won

[Asia Economy Reporter Ki Ha-young] In the first half of this year, Jung Tae-young, Vice Chairman of Hyundai Card, was found to have received the highest compensation among CEOs of eight domestic specialized card companies.

According to the semi-annual reports disclosed on the Financial Supervisory Service's electronic disclosure system on the 21st, Vice Chairman Jung received 1.124 billion KRW from Hyundai Card, 814 million KRW from Hyundai Capital, and 975 million KRW from Hyundai Commercial in the first half of this year, totaling 2.913 billion KRW in compensation.

Hyundai Card explained, "We built a digital environment internally and launched the Hyundai Card 3-layer platform, generating various digital achievements," and added, "We also considered the securing of unique competitiveness in the Private Label Credit Card (PLCC) business." Hyundai Capital also focused on digital achievements, stating, "We considered the establishment of a low-cost business structure through channel cost innovation, as well as the identification and support of digital operation tasks for our U.S. and China subsidiaries."

Lim Young-jin, CEO of Shinhan Card, the industry leader, received 870 million KRW in the first half of this year. This amount includes a base salary of 274 million KRW and bonuses of 530 million KRW based on short- and long-term performance. Shinhan Card stated, "Despite the COVID-19 crisis, we achieved 26.99 million integrated membership, continuously solidified our market position in installment finance and payment businesses, and proactively responded to rapidly changing management environments, which are reflected in these visible results."

Jo Jwa-jin, CEO of Lotte Card, received a total of 558 million KRW, including a base salary of 365 million KRW and a performance bonus of 193 million KRW. Additionally, Jang Kyung-hoon, former CEO of Hana Card who retired in April, received a total of 506.22 million KRW, consisting of 325.38 million KRW in base salary and bonuses, and 180.83 million KRW in retirement pay.

CEOs of Samsung, KB Kookmin, Woori, and BC Card did not disclose individual compensation as their first-half earnings did not exceed 500 million KRW.