Executives at top Korean conglomerates getting younger

One in 4 executives at South Korea’s top conglomerates is 50 or younger, according to a report released Monday.

According to local market analysis company Leaders Index, the number of executives under 51 increased to 3,360 at 334 companies that reported financial results in the first quarter of the year. They made up 24.7 percent of the total, an increase of 1 percentage point on-year.

The 334 firms are among the country’s top 500 companies.

The proportion of executives under 51 marked a rapid increase over the last year to 23.7 percent from 21.5 percent in 2019, the report added.

“The country’s top conglomerates appear to have brought younger members to their executive boards as they go through the COVID-19 pandemic,” the report said.

Korean internet giant Naver had the youngest executive board, with 88 percent of its members under the age of 51. The country’s leading mobile game developer, Netmarble, was next, with 81.2 percent of its executives under 51.

Another game developer, NCsoft, came in fourth with 70.2 percent, followed by Hyundai Card with 69.2 percent and Hyundai Capital with 62.8 percent.

The proportion of executives under 51 at SK was 48.3 percent, while at Samsung Electronics it was 39 percent.

The figures for LG Chem and LG Electronics were 25.6 percent and 22.8 percent, respectively. SK hynix followed with 22 percent.

The respective figures for Korea’s leading carmakers, Hyundai Motor and Kia, stood at 17.7 percent and 9 percent.

There were also companies with no executive members younger than 51. These included steel giant Posco, Posco International and Woori Bank.

Hanwha Solutions CEO Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, at 38 is the youngest CEO on the list, according to the report.


By Shim Woo-hyun (ws@heraldcorp.com)