6 out of 10 Executives in Top 100 Companies Born in the 1970s... "Generational Shift Accelerates"

UnicoSearch Executive Personnel Analysis
60% Born in the 70s... 7.2%P Increase from Previous Year
"Next Year's Personnel Likely to Increase Born 1974-1976"

This year, 6 out of 10 executives in Korea's top 100 companies were born in the 1970s (aged 45-54). In the executive appointments scheduled for the end of the year, the number of executives from the 1970s as well as the millennial (M) generation born in the 1980s is expected to increase, accelerating the pace of generational change. The total number of executives is expected to decrease.

Seoul Samsung Electronics Seocho Building. Photo by Kang Jin-hyung

According to the "2024 Analysis of the Age Distribution of Executives in Korea's Top 100 Companies by Revenue" released on the 6th by global headhunting specialist Unico Search, the total number of executives this year is 7,404. This is an increase of 59 (0.8%) from last year (7,345) and 229 (3.2%) from 2022 (7,175). Corporate performance has declined. Operating profit of the top 100 companies decreased by 48% (58 trillion → 30 trillion KRW) from 2022 to 2023. Despite worsening performance, the number of executives increased.

The number of executives in the top 100 companies first entered the 7,000 range in 2014, rising from 6,000 in 2010 to 7,212. After maintaining the 6,000 range for seven years, it re-entered the 7,000 range in 2022 with 7,175 executives and has remained in that range for three consecutive years. This year's number of executives (7,404) is the highest in the past 15 years.

Kim Hye-yang, CEO of Unico Search, said, "When business performance was poor last year, companies actually increased the number of executives hoping for a turnaround, but since results were worse than expected, it is highly likely that the number of executives will be somewhat reduced at the end of this year or early next year." She added, "We cannot rule out the possibility of a repeat of the 2014-2015 situation when the number of executives sharply decreased by about 300 in one year." The number of executives decreased by 284 (3.9%) from 7,212 in 2014 to 6,928 in 2015.

Among the total 7,404 executives, registered executives (inside directors) number 277 (3.7%). By birth year, registered executives born between 1965 and 1969 (aged 55-59) number 103 (38.3%), surpassing those born between 1960 and 1964 (aged 60-64), who number 89 (33.1%). By individual birth year, the order is 1964 (32, 11.6%), 1967 (22, 7.9%), and 1968 (20, 7.2%). Key registered executives born in 1964 include Jang Jae-hoon and Lee Dong-seok, presidents of Hyundai Motor Company; Lee Gye-in, president of POSCO International; Hong Won-hak, president of Samsung Life Insurance; and Yoo Seok-jin, president of Kolon Industries.

Inside directors born between 1970 and 1979 (aged 45-54) and 1980 and 1989 (aged 35-44) number 55, an increase of 13 (31%) from 42 last year. Lee Kyu-ho, vice chairman of Kolon Group, born in 1984 (age 40), is the youngest registered inside director among the top 100 companies. Vice Chairman Lee Kyu-ho is an inside director at Kolon Industries.

Including non-registered executives, the total of 7,404 executives by birth year shows that those born in 1971 (age 53) are the most numerous at 778 (10.5%). This is 19 (2.5%) more than the 1970-born executives (759) who were the most numerous last year. The number of executives this year follows the order: 1971 (778, 10.5%), 1970 (768, 10.4%), 1969 (684, 9.2%), 1972 (663, 9%), 1968 (599, 8.1%), 1973 (562, 7.6%), and 1974 (481, 6.5%).

By five-year groups, those born between 1970 and 1974 (aged 50-54) are the largest group with 3,254 (43.9%), an increase of 272 (3.7%) from 2,982 (40.6%) last year. Adding those born between 1975 and 1979 (aged 45-49), who number 1,189 (16.1%), the proportion of executives born in the 1970s reaches 60%. This is a 7.2 percentage point increase from 52.8% last year. Within the 1970s cohort, the proportion of those born in the late 1970s (1975-1979) is growing.

On the other hand, the proportion of executives born in the 1960s has decreased. Executives born between 1965 and 1969 (aged 55-59) number 2,317, accounting for 31.3% of the total. This proportion has steadily declined over five years: 46.2% in 2020 → 45.5% in 2021 → 40.7% in 2022 → 36.1% in 2023 → 31.3% this year. The proportion is expected to fall to the 20% range in next year's executive appointments. Executives born between 1960 and 1964 (aged 60-64) number 392 (5.3%). Their proportion has dropped from 34.4% in 2018 → 28.6% in 2019 → 22.5% in 2020 → 17.4% in 2021 → 11.1% in 2022 → 8.1% last year → 5.3% this year.

Overall, the proportion of executives born in the 1970s has risen from 20.9% in 2019 → 27.9% in 2020 → 34.4% in 2021 → 45.1% in 2022 → 52.8% last year → 60% in 2024. Meanwhile, the proportion of executives born in the 1960s has fallen from 74.1% in 2019 → 68.7% in 2020 → 62.9% in 2021 → 51.7% in 2022 → 44.1% last year → 36.6% this year.

The proportion of M generation (born in the 1980s) has also increased. Those born after 1980 (aged 44 and under) increased from 131 last year to 189 this year, a 44.3% rise. The proportion of executives born in the 1980s rose from 1.5% in 2022 → 1.8% last year → 2.6% this year. Unico Search expects that the number of executives born after 1980 will exceed 200 in next year's appointments.

CEO Kim Hye-yang said, "In next year's large company appointments, the number of executives born between 1974 and 1976 (aged 48-50) will increase, and many MZ generation (Millennial + Z generation, born from the 1980s to early 2010s) executives may also be appointed."