Samyang Food’s Chairman Jeon In-Jang, guilty of embezzlement, annual salary of 14.2 billion… Distribution salary king overtaking Shin Dong-bin

Input 2021.03.22 06:15

In-Jang Jeon, 14.2 billion won in severance pay alone… My wife, Kim Jeong-soo, also received an annual salary of 4.4 billion last year.
Heo Tae-soo, GS Home Shopping, etc., collected 8.3 billion won… Son Gyeong-sik received 10.2 billion won from CJ CheilJedang
Experts “Introduce a Minority Shareholder Agreement System to Contain Excessive Conglomerate Salary”

Jeon In-Jang serving in prison after being convicted of embezzling 5 billion won Samyang Foods (003230)It was found that the former chairman received the most annual salary among managers of distribution companies last year.



Major distribution company’s 2020 annual salary./Graphic = Kim Ran-hee

According to the electronic disclosure system of the Financial Supervisory Service on the 22nd, Samyang Foods (003230)Last year paid 14,175 million won to the former chairman as a salary. In the business report, the items are divided into 2,358 billion won in earned income and 1,181 billion won in retirement income, but Samyang Food explained that this is an item classification according to the tax law, but all are the amount paid as severance pay.

Samyang Foods said, “The previous chairman’s monthly salary of 183.33 million won was multiplied by 28 years and 8 months of service and 450% of the payment rate for each position. “He said.

Samyang Foods general manager Kim Jeong-soo, who was convicted on the same charges as the former chairman, also paid 4.4 billion won in compensation last year. In addition to the salary of 340,270,000 won, he received 4,6632 million won of severance pay. General President Kim, who returned to business in October last year, does not return the severance pay, but instead recounts his tenure from 0 months, a Samyang Food official explained.



From left, Lotte Chairman Dongbin Shin, Shinsegae Vice Chairman Jeong Yongjin, and Hyundai Department Store Group Chairman Jeong Ji-sun. /Chosun Biz DB

◇ Shin Dong-bin, chairman of Lotte Group, annual salary of 11.2 billion won…38% year-on-year↓

Lotte Group Chairman Shin Dong-bin, who was on the top of the distribution company’s annual salary by receiving 18.87 billion won in 2019, received 12.3 billion won last year. This is a 38% decrease from the previous year. Chairman Shin last year Lotte Holdings (004990)From 3,517 billion won, Lotte Chemical (011170)From 3.5 billion won, Lotte Confectionery (280360)From 1.9 billion won, Lotte Shopping (023530)From KRW 1,313 million, Lotte Chilsung Beverage (005300)It received 1 billion won from the hotel and 1.5 billion won (estimated) from Hotel Lotte.

Lee Myung-hee Shinsegae (004170)The chairman received 3.95 billion won, including 2,693 billion won from E-Mart and 1,268 million won from Shinsegae. Chairman Lee’s husband, Jeong Jae-eun, also received the same compensation as the honorary chairman. Shinsegae Vice Chairman Jeong Yong-jin E-mart (139480)Shinsegae General Manager Jeong Yoo-kyung received 3.36 billion won in annual salary at Shinsegae and 2.96 billion won in annual salary.

Stop line Hyundai Department Store (069960)The chairman received 3.527 billion won in compensation at Hyundai Department Store. Vice Chairman Jeong Gyo-seon, his younger brother, won 1.57 billion won at Hyundai Department Store, Hyundai Home Shopping (057050)It received a total of 2.87 billion won, including 1.32 billion won.

Heo Tae-soo GS(078930)Last year, the chairman received a total of 8.342 billion won, including 2.34 billion won from GS Holdings and 6 billion won from GS Home Shopping. Chairman Huh, who retired from GS Home Shopping CEO last year, received 5.16 billion won in severance pay alone. Chairman Huh’s cousin, Huh Yeon-soo GS Retail (007070)The CEO and Vice Chairman received 1.7 billion won in annual salary.

BGF Group Chairman Hong Seok-jo last year BGF Retail (282330)From 2,17 billion won, BGF(027410)In total, it received a total of 3,24 billion won, including 973 million won. Seo Gyeong-bae AMOREPACIFIC (090430)The chairman received 2,231 billion won as an annual salary last year. Yoon Sang-hyun Korea Kolmar (161890)Vice-Chairman: 755 million won, Lee Kyung-soo Cosmax (192820)The chairman paid 679 million won for last year’s compensation.

◇ CJ Chairman Sohn Kyung-sik receives 10.2 billion won from CheilJedang alone…Experts “need a check system”

Owners of food companies, whose sales of high-margin products such as home meals (HMR) increased in the aftermath of last year’s coronavirus infection (Corona 19), also collected high salaries and bonuses.

CJ CheilJedang (097950)Paid 10.22 billion won in annual salary to Chairman Sohn Kyung-sik. This is three times the annual salary of 3,55 billion won in 2019. CJ CheilJedang paid 6.6 billion won to Chairman Son of a special bonus according to the increase in performance. On the other hand, Chairman Lee Jae-hyun received 2.8 billion won in annual salary, the same as in 2019. CJ Holdings and CJENM have not yet disclosed their business reports.

Park Moon-deok HITEJINRO (000080)The chairman received 5.38 billion won in salary from Hite Jinro, including 1.98 billion won in salary and 3,384 billion won in bonuses. This is an increase of 64.7% compared to the 2019 annual salary (3,266 billion won).

Changwook Lim, Chairman of the Grand Prize Daesang Holdings (084690)Received 2.715 billion won from the company, and Vice Chairman Park Hyun-joo, the wife of Chairman Lim, received 1.527 billion won from Daesang Holdings. President Lim’s eldest daughter, Lim Se-ryeong, Target (001680)The second daughter, Im Sang-min, received 750 million won from the grand prize, and 717 million won from the grand prize.

Dam Cheolgon Orion (271560)The chairman received a total of 4.183 billion won from Orion (2.76 billion won) and Orion Holdings (1,422 million won). Chairman Dam’s wife, Vice Chairman Lee Hwa-kyung, received 3,251 billion won from Orion (2.14 billion won) and Orion Holdings (1.1 billion won).

Crown Chairman Yoon Young-dal, Hae-tae Crown Haitai Holdings (005740)From 1.8 billion won, Haitai Confectionery Food (101530)He received a total annual salary of 4.594 billion won, including 2.79 billion won. Chairman Yoon Seok-bin, the son of Chairman Yoon, received 721 million won from Crown Haitai Holdings, and his son-in-law Shin Jeong-hoon, Haitai Confectionery CEO, received 1.86 billion won.

Nongshim Chairman Shin Chun-ho Nongshim (004370)From 1.49 billion won, Nongshim Holdings (072710)He received a total annual salary of 2.25 billion won, including 726 million won. Vice-Chairman Shin Dong-won received 1.86 billion won from Nongshim and 726 million won from Nongshim Holdings.

Ottogi (007310)Chairman Ham Young-joon received 792 million won in annual salary from Ottogi. The salary was 492 million won and the bonus was 300 million won. LF’s chairman Koo Bon-geol received 1575 million won.

In retail prices, it is pointed out that the owner’s family’s annual salary was set lavishly, unlike companies that tightened their belts in the aftermath of Corona 19.

Sang-in Park, a professor at the Graduate School of Public Administration at Seoul National University (Chairman of Policy Committee, Kyungshilyeon), said, “Currently, the annual salaries of corporate leaders are determined by the board of directors, but most of the directors belonging to the board of directors are within the influence of the general family, so it is difficult to secure fairness. It is necessary to prepare an institutional mechanism that can be viewed as a self-interest, such as a cycle, and can be held in check.”

He suggested, “It is necessary to consider ways to pay the total family’s salaries with the consent of minority shareholders at the general shareholders’ meeting through the’Majority of Minority’ introduced in Israel and India.” did.

.Source