Hyosung Chairman Cho Hyun-joon Earned 9.2 Billion KRW Last Year

Vice Chairman Cho Hyunsang Receives 27.9 Billion KRW in Compensation

Cho Hyun-joon, Chairman of Hyosung. Photo by Yonhap News

Hyosung Group Chairman Cho Hyun-jun received approximately 9.2 billion KRW in compensation last year.

According to the 2024 business report disclosed by Hyosung Group through the Financial Supervisory Service's electronic disclosure system on the 13th, Chairman Cho was paid a total of 9.183 billion KRW, combining a base salary of 5.8 billion KRW and a bonus of 3.383 billion KRW.

Hyosung explained the background for this compensation by stating, "Considering the strengthening of stability in existing businesses amid fierce competition, the restructuring of the business portfolio, and securing new growth engines, which led the group's business growth."

Chairman Cho’s younger brother, Vice Chairman Cho Hyun-sang, received even higher compensation. Vice Chairman Cho received a total of 27.992 billion KRW, including a salary of 2 billion KRW, a bonus of 300 million KRW, a special merit payment of 8.5 billion KRW, and retirement income of 17.192 billion KRW. In July 2023, Vice Chairman Cho moved to lead HS Hyosung, newly launched through a spin-off from Hyosung.

Hyosung stated, "The special merit payment was calculated and paid in consideration of his role in enhancing Hyosung’s business competitiveness during his tenure, successful overseas expansion, new business investments, and mergers and acquisitions." According to the company, Hyosung’s executive compensation regulations allow for special merit payments to registered executives recognized for exceptional contributions during their tenure, payable separately from retirement pay, up to 50% of the retirement pay, through a board resolution.

Vice Chairman Cho also received additional compensation of 4.39 billion KRW at HS Hyosung, combining a salary of 2.375 billion KRW and a bonus of 2.015 billion KRW.

Meanwhile, it was revealed that the late Honorary Chairman Cho Seok-rae, who passed away on March 29 last year, was paid 750 million KRW in salary from January to March.