Last year, former and current chairpersons of major financial holding companies received annual salaries ranging from 700 million KRW to several billion KRW.
Amid the strong aftershocks caused by the massive losses in Hong Kong H-Share Index (Hang Seng China Enterprises Index·HSCEI) based equity-linked securities (ELS), controversy is expected as the heads of financial groups received compensation worth hundreds of millions to billions of KRW. Notably, KB Kookmin Bank's ELS sales exceeded 8 trillion KRW, the largest among major commercial banks.
Who is the highest paid holding company chairman? Chairman Yoon Jong-kyu with about 3.9 billion KRW
According to the business reports of each financial holding company on the 16th, Yoon Jong-kyu, former chairman of KB Financial Group who retired last November, received a total compensation of 3.856 billion KRW last year. This included a salary of 824 million KRW, bonuses of 2.657 billion KRW, and retirement pay of 375 million KRW.
Yang Jong-hee, the current chairman of KB Financial Group who took office last November, recorded a total compensation of 1.555 billion KRW last year. This amount combined a salary of 500 million KRW, bonuses of 950 million KRW, and retirement income of 97 million KRW.
Ham Young-joo, chairman of Hana Financial Group, received a total compensation of 2.253 billion KRW, consisting of a salary of 900 million KRW, bonuses of 1.351 billion KRW, and other labor income of 24 million KRW. Chairman Ham also received 20,454 performance-linked shares as long-term performance compensation.
Lim Jong-ryong, chairman of Woori Financial Group, received 652 million KRW last year, including a salary of 648 million KRW and other labor income of 4 million KRW. Up to 49,997 shares were also accrued as performance-linked stock compensation, with the final number and amount to be confirmed based on long-term performance evaluations from 2023 to 2026.
Son Tae-seung, former chairman of Woori Financial Group who retired last March, received a total compensation of 1.3 billion KRW, including a salary of 212 million KRW, bonuses of 742 million KRW, and retirement pay of 346 million KRW.
Looking at the annual salaries of commercial bank presidents, Lee Jae-geun of KB Kookmin Bank received a total compensation of 1.205 billion KRW (salary 700 million KRW, bonuses 482 million KRW, etc.).
Lee Seung-yeol, president of Hana Bank, received a total of 839 million KRW, including a salary of 699 million KRW and bonuses of 138 million KRW.
Lee Won-duk, former president of Woori Bank, received a total of 778 million KRW, including a salary of 378 million KRW, bonuses of 355 million KRW, and retirement income of 42 million KRW.
Bank employees who earned more than presidents
Bank employees who took voluntary retirement received compensation exceeding 1 billion KRW including retirement pay. Some employees even received more than the bank presidents.
Five retired managers from Hana Bank received more than 1.1 billion KRW each, including retirement pay. This amount is higher than that of Lee Seung-yeol, president of Hana Bank. The manager with the highest compensation, Mr. A, received a total of 1.187 billion KRW, including a salary of 31 million KRW, bonuses of 28 million KRW, and retirement pay of 1.103 billion KRW.
At Woori Bank, five department head-level voluntary retirees each received compensation exceeding 900 million KRW. Department head Mr. B received retirement income totaling 923 million KRW, including statutory retirement pay of 345 million KRW and special retirement pay of 578 million KRW, bringing his total compensation to 969 million KRW.
At KB Kookmin Bank, four research officers received between 876 million KRW and 912 million KRW. Research officer Mr. C received a total of 912 million KRW, including retirement pay of 359 million KRW and special retirement pay of 481 million KRW.
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