Chairman Cho Won-tae of Hanjin Group Earned 5.1 Billion KRW Last Year, Up 51% YoY (Comprehensive)
Effect of Executive Compensation Increase at Korean Air and Hanjin KAL
Cho Won-tae, chairman of Hanjin Group, received a total of 5,184.16 million KRW from Korean Air and Hanjin KAL last year. The total amount of Chairman Cho's compensation increased by 51.1% as executive pay was raised at both companies last year.
According to the 2023 business reports of Korean Air and Hanjin KAL on the 14th, Chairman Cho received 2,387.86 million KRW from Korean Air, a 37.8% increase compared to the previous year. Korean Air normalized executive salaries in the second half of last year, which also raised Chairman Cho's pay. There was no bonus.
Korean Air stated that the criteria for director compensation payments comprehensively reflected position, duties, leadership, expertise, and company contribution. They also explained that after calculating monthly salaries, the amounts were reviewed in advance by the compensation committee and finalized through board execution approval.
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Chairman Cho received 2,796.30 million KRW from Hanjin KAL last year. Executive pay, which had been frozen since 2014 at Hanjin KAL, was increased, raising Chairman Cho's salary. The inclusion of 453 million KRW, part of unpaid salary that had been withheld, also contributed to the increase.
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