Chairman Jeong Yong-jin's Salary Last Year 3.6 Billion Won... 2.4% Pay Cut with 'Renewal Determination'

Salary of 1.982 Billion KRW, Bonus of 1.627 Billion KRW
Total Compensation of 3.609 Billion KRW... Performance Bonus Down by 90 Million KRW
General Chairman Lee Myung-hee and Other Executives See Reduced Salaries

Jung Yong-jin, chairman of Shinsegae Group, received approximately 3.6 billion KRW in compensation last year. His salary was frozen, and his performance bonus decreased by about 90 million KRW.

Jung Yong-jin, Chairman of Shinsegae Group. Photo by Shinsegae Group

According to the 2024 business report disclosed by Emart on the 18th, Chairman Jung received a total compensation of 3.609 billion KRW last year, a 2.4% decrease compared to the previous year. Among this, his salary was 1.982 billion KRW, the same as last year. This annual salary was calculated based on the executive compensation regulations resolved by the board of directors, considering the position, nature and results of delegated tasks, and company contribution, and is scheduled to be paid in fixed monthly installments.

Chairman Jung also received a bonus of 1.627 billion KRW, which included Lunar New Year and Chuseok bonuses as well as performance bonuses based on management results. This amount decreased by 90 million KRW from 1.717 billion KRW last year. Management performance is evaluated by combining quantitative indicators such as the company’s financial performance and non-quantitative indicators including the implementation of key initiatives and evaluation of core tasks. The quantitative indicators reflected last year’s achievement of 15.5696 trillion KRW in sales and 121.8 billion KRW in operating profit. The company explained, "Although Chairman Jung achieved results such as Emart’s return to profitability, he reduced his salary with a mindset of leading by example to overcome the still challenging internal and external management environment."

In addition, the chairman group including Lee Myung-hee, Shinsegae Group’s general chairman, and Jung Jae-eun, honorary chairman, also reduced their salaries and did not receive any performance bonuses. The compensation for General Chairman Lee and Honorary Chairman Jung was set at 1.767 billion KRW, including a salary of 1.54 billion KRW and Lunar New Year and Chuseok bonuses of 263 million KRW. This amount decreased by 1.298 billion KRW (42.3%) compared to the previous year. Additionally, they each received 1.264 billion KRW from Shinsegae Co., Ltd., and the total compensation received by General Chairman Lee and Honorary Chairman Jung from Emart and Shinsegae last year decreased by 37.5% compared to the previous year.

The Shinsegae Group stated, "The reduction in the chairman group’s salary last year signifies their commitment to leading the company’s reform efforts."

Meanwhile, Jung Yong-jin’s younger sister, Jung Yoo-kyung, chairman of Shinsegae Co., Ltd., received 3.596 billion KRW in compensation last year, a decrease of 90 million KRW (2.4%) compared to the previous year.