Average Age of Non-Registered Executives in Large Corporations 53.2 Years, Up 1.5 Years from 10 Years Ago... Naver Is the Youngest

Slight Increase in Age Due to Retirement Age Extension Impact

[Asia Economy Reporter Moon Chaeseok] The average age of non-registered executives at major domestic companies was found to be 53.2 years. This is 1.5 years higher than 10 years ago due to the extension of the retirement age.

According to a survey conducted by CEO Score, a corporate data research institute, on 253 companies among the top 500 companies by sales that disclosed the status of non-registered executives in the first quarters of 2012, 2017, and 2022, the average age of non-registered executives in the first quarter of this year was 53.2 years. In 2012, the average age of non-registered executives at these companies was 51.7 years. This means the average age increased by 1.5 years compared to 10 years ago.

CEO Score analyzed that the average age of non-registered executives has somewhat increased as the retirement age was extended from 55 to 60 years following the enforcement of the revised "Act on Prohibition of Age Discrimination in Employment and Promotion of Employment for Older Persons (Retirement Age Extension Act)" starting in 2016.

By age group, the proportion of those in their 50s rose by 10.6 percentage points (p) from 66.3% in the first quarter of 2012 to 76.9% in the first quarter of this year. The proportion of those in their 40s decreased from 29.6% to 17.0% during the same period.

By industry, the average age of non-registered executives in the IT sector was relatively low.

NAVER's non-registered executives had the youngest average age at 46.3 years. Kakao (46.4 years) followed closely, and CJ (50.6 years), Samsung (52.0 years), SK (52.3 years), and Hyundai Department Store (52.3 years) also had averages below the overall average. Traditional large corporations such as CJ, Samsung, and SK showed relatively lower average ages for executives due to generational changes in management.

Among the surveyed companies, Harim had the highest average age of non-registered executives at 56.8 years, followed by POSCO (56.6 years), Hanjin (56.5 years), S-OIL (55.9 years), and Youngpoong (55.9 years), which also had relatively high average ages.

The youngest among major companies' non-registered executives was Shin Sang-yeol (29), the eldest son of Shin Dong-won, chairman of Nongshim. Lee Won-seop (31), assistant managing director of Sebang Battery; Lee Sun-ho (32), management leader at CJ CheilJedang; Jung Jae-rim (32), director at KCC; and Jung Doo-seon (32), executive director at Hyundai Corporation, were identified as being in their early 30s.

The oldest non-registered executive was Yoon Se-young (89), founding chairman of Taeyoung Construction. Other notable elderly non-registered executives included Jung Jae-eun (83), honorary chairman of Shinsegae; Oh Wan-soo (83), chairman of Daehan Steel; Choi Chang-geol (81), honorary chairman of Korea Zinc; and Park Il-hee (80), honorary vice chairman of Kwangdong Pharmaceutical.