Former LG Electronics Vice Chairman Jo Seong-jin's Compensation Last Year 6.2 Billion Won... President Kwon Bong-seok 1.8 Billion Won
[Asia Economy Reporter Kim Heung-soon] Former LG Electronics Vice Chairman Cho Seong-jin was identified as having received the highest compensation among LG Electronics executives last year, amounting to approximately 6.2 billion KRW.
According to LG Electronics' business report on the 16th, former Vice Chairman Cho received a total of 6.195 billion KRW last year, including retirement income of 4.529 billion KRW, salary of 949 million KRW, and bonuses of 717 million KRW. Next was former President Jeong Do-hyun, who received a total of 5.528 billion KRW, including retirement income of 5.088 billion KRW, salary of 184 million KRW, and bonuses of 256 million KRW.
Current LG Electronics President Kwon Bong-seok received 1.794 billion KRW in compensation last year, consisting of a salary of 1.465 billion KRW and bonuses of 329 million KRW. LG Electronics explained, "Bonuses were calculated and paid considering measurable indicators such as achieving HE sales of 16.1517 trillion KRW, operating profit of 980 billion KRW, and an operating profit margin of 6.1% in 2019, as well as improving the market share gap of TV products by 0.4% compared to 2018." In addition, Vice President Bae Doo-yong received a total of 760 million KRW last year, including a salary of 571 million KRW and bonuses of 135 million KRW.
Meanwhile, LG Electronics' future business focus, the automotive components business, has been confirmed to be growing rapidly. The VS Business Division, responsible for this business, increased its production capacity in infotainment fields such as telematics (vehicle wireless internet) and AVN (Audio-Video-Navigation) from 11.72 million units in 2017 to 29.57 million units last year, a 2.5-fold increase. Additionally, infotainment accounts for more than 60% of the total sales in the automotive components business.
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LG Electronics is building a triangular structure in the automotive components business with infotainment, powertrain, and vehicle lighting systems, aiming for the VS Business Division to return to profitability this year. In the electric vehicle powertrain sector, LG will launch 'LG Magna e-Powertrain' in July together with Magna, the world's third-largest automotive parts supplier. The vehicle lighting subsidiary ZKW has already secured orders for the next three years. To strengthen its capabilities, ZKW plans to establish business sites in Olomouc, Czech Republic, and Shanghai, China, in the first half of this year.
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