KOSDAQ Listed Company CEOs Most Commonly 'Seoul National University Graduates, STEM Majors, in Their 50s'

[Asia Economy Reporter Kwon Jae-hee] The Korea Exchange (KOSDAQ) Association announced on the 5th that the proportion of CEOs aged 60 and over among KOSDAQ-listed companies increased by 8 percentage points in one year, reaching 44.7%.

According to a survey conducted by the KOSDAQ Association in May on the status of executives at 1,554 KOSDAQ-listed companies, the proportion of CEOs aged 60 and over has been rising annually, from 27.6% in 2019 to 32.9% in 2020, and 36.7% last year.

The average age of CEOs was 58.2 years, with the age group distribution as follows: 50s (40.7%), 60s (36.9%), 40s (13.1%), and 70s (6.4%).

While the proportion of CEOs in their 60s increased by 7.0 percentage points compared to last year, the proportions of those in their 50s and 40s decreased by 3.8 and 3.7 percentage points, respectively.

The number of female CEOs remained the same as last year at 64, but their share dropped by 0.2 percentage points to 3.3% of all CEOs. Regarding the highest level of education, university graduates accounted for the largest share at 46.0%, followed by master's degree holders (31.8%) and doctoral degree holders (17.8%).

In terms of alma mater, Seoul National University led with 18.0%, followed by Yonsei University (10.5%), Korea University (6.1%), and Hanyang University (5.5%). The distribution by major was science and engineering (43.9%), business and economics (39.4%), and humanities and social sciences (8.2%). By specific major, business administration ranked first (28.1%), followed by electronic engineering (5.6%), economics (4.4%), and mechanical engineering (4.3%).

Jang Kyung-ho, chairman of the KOSDAQ Association, stated, "As the proportion of CEOs aged 60 and over at KOSDAQ-listed companies has significantly increased, cases of giving up corporate succession due to the heavy burden of inheritance and gift taxes are expected to rise at a time when generational change among executives is imminent. Improvement of the corporate succession system is necessary."

He added, "For KOSDAQ companies responsible for 330,000 jobs to maintain stable employment, a shift in perception is needed to view corporate succession not as the inheritance of wealth but as a cornerstone for national prosperity."