Lotte Chairman Shin Dong-bin's Annual Salary 'Over 21.2 Billion Won'... CJ Chairman Lee Jae-hyun's Salary Halved

Kim Ho-yeon, Chairman of Binggrae, Faces Salary Cut Despite Record Performance
Jung Yong-jin, Newly Appointed Chairman of Shinsegae This Year, Sees Slight Pay Reduction
Strong Results Last Year Lead to Salary Increases for Ramen Industry Leaders

Among distribution company owners last year, the person who received the highest salary was Shin Dong-bin, Chairman of Lotte Group. Chairman Shin received the highest annual salary among business leaders. On the other hand, Lee Jae-hyun, Chairman of CJ Group, who was the top in the distribution industry last year, saw his salary cut by more than half, ranking second.

According to the business reports of Hotel Lotte and Lotte Property & Development disclosed on the Financial Supervisory Service's electronic disclosure system on the 3rd, Chairman Shin received KRW 2.122 billion from Hotel Lotte and KRW 1.444 billion from Lotte Property & Development last year. Chairman Shin received a total annual salary of KRW 21.281 billion last year from Lotte Holdings as well as Lotte Shopping, Lotte Chemical, Lotte Chilsung Beverage, Lotte Wellfood, Hotel Lotte, and Lotte Property & Development. The total remuneration of Chairman Shin increased by 12.6% compared to the previous year (KRW 18.098 billion).

Shin Dong-bin, Chairman of Lotte Group

The reason Chairman Shin was able to receive the highest annual salary not only in the distribution industry but also across the entire business sector was due to the strong performance of Lotte Group’s food and beverage affiliates. Lotte Chilsung Beverage recorded sales of KRW 3.2247 trillion last year, a 13% increase from the previous year, entering the 3 trillion won club for the first time in history. Accordingly, Chairman Shin also received KRW 3.093 billion from Lotte Chilsung Beverage, an increase of 147.4% compared to the previous year (KRW 1.25 billion).

Regarding Chairman Shin’s salary and bonuses at Lotte Chilsung Beverage, the company stated, “The salary was calculated comprehensively reflecting rank, years of service, company contribution, and whether the position is held, within the executive remuneration limits approved by the remuneration committee.” It added, “Bonuses were determined by setting the size of performance pay and comprehensively considering quantitative indicators such as sales and operating profit, as well as non-quantitative indicators including leadership, ethical management, and other company contributions.”

Ranking second, Chairman Lee received KRW 9.936 billion in annual salary last year. This is a decrease of KRW 12.2 billion (55.1%) compared to 2022 (KRW 22.136 billion). The reduction in Chairman Lee’s remuneration reflects the poor performance of major affiliates including CJ CheilJedang last year. CJ CheilJedang recorded an operating profit of KRW 1.2916 trillion last year, down 22.4% from the previous year (KRW 1.6647 trillion). In particular, CJ ENM posted a consolidated operating loss of KRW 14.6 billion last year, marking the first deficit since the merger of its predecessors CJ O Shopping and CJ E&M in 2018.

There are also distribution industry leaders who reduced their salaries despite record-breaking performance. Kim Ho-yeon, Chairman of Binggrae, received a total of KRW 2.062 billion last year, including KRW 2 billion in salary, KRW 59 million in bonuses, and KRW 3 million in other income. This is a 6.8% decrease from the previous year’s salary (KRW 2.212 billion). Binggrae recorded its best-ever performance last year, surpassing KRW 110 billion in operating profit for the first time since its founding. Although Chairman Kim’s remuneration decreased, the average salary per employee increased by 12% from the previous year to KRW 59.59 million.

Kim Ho-yeon, Chairman of Binggrae

Following Chairman Lee, the third highest was Park Moon-duk, Chairman of HiteJinro, who received a total remuneration of KRW 7.726 billion last year, including KRW 2.23 billion in salary, KRW 5.4717 billion in bonuses, and KRW 24.7 million in other labor income.

Jung Ji-sun, Chairman of Hyundai Department Store Group, received a total annual salary of KRW 5.305 billion. He received KRW 3.547 billion in salary, KRW 1.192 billion in bonuses, and KRW 1 million in other welfare-related labor income from Hyundai Department Store, totaling KRW 4.74 billion. Additionally, he received KRW 565 million in salary from Hyundai G.F. Holdings.

Dam Cheol-gon, Chairman of Orion Group, and his wife both received salaries. Chairman Dam was paid a total of KRW 4.631 billion last year, including KRW 1.575 billion from Orion Holdings and KRW 3.056 billion from Orion. This is a 9.7% increase from the previous year’s remuneration of KRW 4.223 billion. His wife, Lee Hwa-kyung, Vice Chairman of Orion, received a total of KRW 3.62 billion, including KRW 2.377 billion from Orion Holdings and KRW 1.225 billion from Orion. The couple’s combined remuneration last year was KRW 8.233 billion.

Jung Yong-jin, Chairman of Shinsegae Group who was promoted last month, received a total of KRW 3.699 billion last year from Emart, including KRW 1.982 billion in salary and KRW 1.717 billion in bonuses. This is a slight increase compared to the previous year (KRW 3.615 billion). Additionally, Jung Yoo-kyung, General Manager of Shinsegae, received a total remuneration of KRW 3.686 billion last year, including KRW 1.975 billion in salary and KRW 1.711 billion in bonuses. This represents an increase of about 5.1% compared to the previous year (KRW 3.508 billion).

Lee Myung-hee, General Chairman of Shinsegae, and her father, Jung Jae-eun, Honorary Chairman of Shinsegae, each received KRW 3.065 billion from Emart.

Lee Boo-jin, President of Hotel Shilla, received KRW 2.313 billion last year, a 34% decrease compared to the previous year (KRW 3.056 billion). Her salary remained the same as in 2022, but the long-term performance incentive, a bonus item, decreased. The long-term performance incentive is paid based on management performance over the past three years.

Kim Dong-seon, Head of Strategy at Hanwha Galleria, received a total remuneration of KRW 562 million last year, including KRW 561.6 million in salary and KRW 700,000 in other labor income.

The annual salaries of the heads of the ramen industry, which recorded record-breaking performance last year, also increased. Shin Dong-won, Chairman of Nongshim, received a total remuneration of KRW 1.6897 billion last year, including KRW 1.531 billion in salary, KRW 155.21 million in bonuses, and KRW 3.5 million in other labor income. This is a 5.9% increase compared to the previous year.

Ham Young-jun, Chairman of Ottogi, received KRW 1.249 billion last year, including KRW 849 million in salary and KRW 400 million in bonuses. This is a 39.2% increase compared to the previous year’s KRW 897 million. Kim Jung-soo, Vice Chairman of Samyang Round Square (Samyang Foods), received a total of KRW 2.303 billion, including KRW 1.15 billion in salary, KRW 1.15 billion in bonuses, and KRW 2.3 million in other labor income. This is a 13.1% increase compared to KRW 2.035 billion last year.