'Bank CEO Salary King' Heo In, KB Kookmin Bank CEO... Received 1.729 Billion Won

Heo In, President of KB Kookmin Bank

[Asia Economy Reporter Kwangho Lee] Heo In, CEO of KB Kookmin Bank, was revealed to have received the highest compensation among the four major commercial bank CEOs last year. He was followed by Jin Ok-dong, CEO of Shinhan Bank; Ji Sung-kyu, CEO of Hana Bank; and Kwon Kwang-seok, CEO of Woori Bank.

According to the Financial Supervisory Service's electronic disclosure system on the 19th, CEO Heo disclosed that he received a total compensation of 1.729 billion KRW last year. Of this, 650 million KRW was salary and 1.074 billion KRW was bonuses.

CEO Heo's annual salary nearly doubled compared to 2019 (891 million KRW), as performance bonuses received during his tenure as vice president and executive director were added, resulting in a higher annual salary than other bank CEOs.

A KB Kookmin Bank official explained, "This is because accumulated long-term and short-term performance rewards were paid as the executive's tenure lengthened."

Following CEO Heo, CEO Jin received the next highest compensation.

CEO Jin received 1.13 billion KRW in compensation last year. Of this, 820 million KRW was salary and 308 million KRW was bonuses.

CEO Jin was recognized for strengthening asset management (WM) capabilities through the PIB Center. He also achieved results in digital transformation, including the establishment of a digital sales department.

Next, CEO Ji received 1.022 billion KRW in compensation last year. Of this, 699 million KRW was salary and 320 million KRW was bonuses.

Additionally, Kwon Kwang-seok, CEO of Woori Bank, received 553 million KRW in compensation last year. Of this, 495 million KRW was salary and 55 million KRW was bonuses.

The reason CEO Kwon's annual salary is lower compared to other bank CEOs is due to bonuses. CEO performance bonuses in the banking sector are divided into short-term and long-term, and since CEO Kwon took office in March last year, he was not eligible for long-term performance bonuses.

Meanwhile, Sohn Tae-seung, Chairman of Woori Financial Group, had an annual salary of 1.1 billion KRW, an increase of 338 million KRW from 2019 (762 million KRW). This amount includes 800 million KRW in salary and 299 million KRW in bonuses.

Chairman Sohn's compensation is less than that of KB Financial Group Chairman Yoon Jong-kyu (2.66 billion KRW), Hana Financial Group Chairman Kim Jung-tae (2.635 billion KRW), and Shinhan Financial Group Chairman Cho Yong-byeong (1.3 billion KRW), whose figures were previously disclosed.

This content was produced with the assistance of AI translation services.