Jo Ju-wan, President of LG Electronics, Earned 2.3 Billion KRW Last Year... 31% Increase in One Year

Jo Joo-wan, CEO of LG Electronics, received a compensation of 2.341 billion KRW last year.

According to the LG Electronics business report disclosed on the 18th, CEO Jo received a salary of 1.561 billion KRW and a bonus of 780 million KRW, the highest amount among registered directors.

Jo Joo-wan, President of LG Electronics.
Photo by Yonhap News

This represents a 31% increase from the previous year (1.781 billion KRW), and LG Electronics explained that this was in recognition of achievements not only in meeting financial targets such as sales and operating profit but also in portfolio advancement and securing future growth engines.

Among retired executives, Lee Sang-gyu, former head of the Korea Sales Division (President), received the highest compensation of 3.792 billion KRW, including a retirement allowance of 2.893 billion KRW.

Last year, the average salary per LG Electronics employee was 106 million KRW, exceeding 100 million KRW for the second consecutive year. Compared to five years ago in 2018 (83 million KRW), this is a 27.7% increase. However, it was 6 million KRW lower than the previous year's average salary (112 million KRW).

This appears to be due to differences in the management performance bonuses paid at the beginning of the year. The management performance bonus paid at the beginning of 2022 was up to 710% of the base salary, whereas last year it was up to 550% of the base salary.

The average salary gap with Samsung Electronics is narrowing. The difference in average wages between the two companies, which had widened to 47 million KRW in 2021, decreased to 23 million KRW in 2022, and further narrowed to 14 million KRW last year.

As of the end of last year, LG Electronics had 34,357 domestic employees, with an average length of service of 11.8 years.

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