According to the business report of Shinsegae and E-Mart on the 17th, the family of the head of Shinsegae Group received about 14.2 billion won in compensation from Shinsegae and E-Mart last year.
Shinsegae Group Vice Chairman Jeong Yong-jin received a total of 3,366 million won at E-Mart last year, including a salary of 2,034 billion won and a bonus of 1,334 million won plus a holiday bonus and an incentive bonus. Vice-Chairman Chung’s annual salary decreased by 194 million won from 2019 (3.562 billion won).
E-Mart said, “We considered the achievement of KRW 14,223.8 billion in sales and KRW 295 billion in operating profit despite the difficult internal and external business environment.” It contributed to securing necessary capabilities,” he explained.
From left, Dongbin Shin, Chairman of Lotte Group, Yongjin Jung, Vice Chairman of Shinsegae Group, and Chairman Jeong Ji-sun of Hyundai Department Store Group. [사진=각사 제공]
Shinsegae General Manager Jeong Yoo-kyung received a total of 2.96 billion won in salary, 1,176 billion won, and 1,176 billion won in salary in Shinsegae. Jeong’s annual salary decreased by 154 million won compared to 2019 (3.141 billion won).
Shinsegae said, “By strengthening the competitiveness of the existing department store business, we have considered achieving an operating profit of 1268 billion won even in a difficult internal and external business environment.”
Shinsegae Group Chairman Lee Myung-hee, the mother of Vice Chairman Chung and General President Chung, received a total annual salary of 3.954 million won, including 1.261 billion won at Shinsegae and 2.69 billion won at E-mart last year. Chairman Lee’s husband, Jeong Jae-eun, the honorary chairman of Shinsegae Group, also received the same amount.
An official of Shinsegae Group explained, “As the industry was not good due to Corona 19, the remuneration decreased as bonuses linked to the company’s performance decreased,” in relation to the year-on-year decrease in the annual salaries of vice chairman and general president Jung.
Lotte Group Chairman Shin Dong-bin, who was on the’Annual Salary King’ of the total number of conglomerates last year, received an annual salary of about 1.33 billion won and 1.9 billion won at Lotte Shopping and Lotte Confectionery last year. This is a decrease of more than 1.1 billion won from the previous year in the two affiliates alone.
In the previous year, Chairman Shin received a remuneration of 18.87 billion won from seven affiliates, including Lotte Holdings, Lotte Shopping, Hotel Lotte, Lotte Confectionery, Lotte Chilsung Beverage, and Lotte Chemical. In the past year, if subsidiaries have not yet released a business report, the reduction in annual salary is expected to increase further compared to the previous year.
Hyundai Department Store Group Chairman Ji-sun Ji-sun received a total annual salary of 3,57 billion won last year, combined with salary (2.86 billion won) and bonus (662 million won). This is a slight decrease from 3.558 billion won in 2019. Vice Chairman Jeong Gyo-seon received a salary of 1,091 million won and a bonus of 451 million won, both of which received 1.57 billion won.
Hyundai Department Store said, “The amount that comprehensively reflects the position (chairman) and tenure (13 years), etc., has been approved by the board of directors based on the executive salary table specified in the executive remuneration payment regulations within the limit of the total remuneration approved at the general shareholders’ meeting.” Explained.