Choi Jung-woo, Chairman of POSCO Group, Received 1.884 Billion KRW in Compensation for the First Half of the Year

Choi Jung-woo, Chairman of POSCO Group (Photo by Asia Economy DB)

[Asia Economy Reporter Ryu Tae-min] Choi Jung-woo, chairman of POSCO Group, received approximately 1.88 billion KRW in compensation for the first half of the year.

According to POSCO Holdings' semi-annual report on the 16th, Chairman Choi received 1.884 billion KRW in compensation for the first half, which is a 91.1% increase compared to the same period last year.

Jeon Jung-sun, president of POSCO Holdings, received 1.094 billion KRW; Jung Chang-hwa, vice president of POSCO Holdings, received 972 million KRW; Kim Hak-dong, vice chairman of POSCO, received 945 million KRW; and Jung Tak, president of POSCO, received 853 million KRW. President Jeon’s compensation increased by 107.2% compared to the first half of last year, Vice Chairman Kim’s by 59.9%, and President Jung’s by 58.3%. All of them saw a slight increase in salary but a significant surge in bonuses.

POSCO Holdings explained, "This is a temporary phenomenon caused by the integration of the one-year short-term incentive and the three-year mid- to long-term incentive payment systems for executives, along with the company’s best performance this year. As a result, long-term incentives for 2020?2021 were paid all at once this year instead of next year."

Jang Se-ju, chairman of Dongkuk Steel, who was recently included in the 'August 15 Liberation Day Special Pardon,' received 1.875 billion KRW, while his younger brother Jang Se-wook, vice chairman, received 1.608 billion KRW. Chairman Jang’s compensation increased by 6.5% compared to the same period last year, and Vice Chairman Jang’s increased by 6.7%. At Hyundai Steel, President Ahn Dong-il received 528 million KRW, making him the only executive to receive over 500 million KRW in compensation.

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