April 19, 2024

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[THE INVESTOR] Members of the owner family of conglomerates rise to executive level positions nearly five times faster than ordinary employees, data showed on Feb. 9.

The industry tracker CEO Score looked at the careers of 208 individuals related by blood and marriage to the founders of South Korea’s 50 largest conglomerates. 

Shinsegae Department Store President Chung Yoo-kyung

The analysis showed that such individuals were promoted to executive level positions after 4.9 years. According to CEO Score, on average they began working at the age of 29.1 years, and were given executive level positions at the age of 33.8 years. The position of CEO was given at the average age of 42.5 years. In comparison, ordinary employees required on average 24 years to be promoted to executive positions.

Of the 208, 19 people began their careers as executives. The youngest executive at the 50 top groups is Chung Yoo-kyung of Shinsegae Department Store, who joined the company as an executive at the age of 24. Chung is the daughter of Shinsegae Chairwoman Lee Myung-hee.

At the other end of the scale is Cho Nam-ho of Hanjin Heavy Industries & Construction who took 18.3 years to become an executive.

By Choi He-suk (cheesuk@heraldcorp.com)