Chairman of GS Group becomes highest-paid executive in S. Korea

The chairman of the refinery and retail conglomerate GS Group, Huh Chang-soo, has emerged as the highest-paid executive in South Korea for the first six months of this year, according to statements disclosed on Tuesday.

Huh received a pay package worth 5.2 billion won (US$4.7 million) during the January-June period, followed by Chung Mong-koo, chairman of Hyundai Motor Group, with 4.2 billion won.

Cho Yang-ho, chairman of the Hanjin Group, which has Korean Air under its wing, came third with 4.1 billion won.

Koo Bon-moo, chairman of the LG Group, came fourth with 3.8 billion won, followed by Kwon Oh-hyun, chief executive of Samsung Electronics, with 2.9 billion won.

Four on the top 5 list were heads of conglomerates, which is not unusual in the first half of a year.

In the second half of a year, though, professional executives like Samsung's Kwon top the list as they receive hefty year-end bonus payments.

Last year, Kwon dominated with an annual pay package worth 14.9 billion won.

In South Korea, companies are required by law to disclose the salaries of corporate executives who earn more than 500 million won. (Yonhap)