Domestic large conglomerates' owner families take an average of 4.4 years to be promoted to executives after joining. This is 18.1 years faster compared to regular employees. One in four owner family members becomes an executive upon joining.
According to the CEO Score of the Corporate Data Research Institute on the 26th, a survey of 88 public corporations with total assets of more than 5 trillion won as of the settlement of account for 2023 revealed that 63 large corporations have owner family members participating in management as executives, totaling 212 people (175 Namsung and 37 females).
Owner families typically join at an average age of 30.4 and become executives at 34.8 years old. Considering that the average age of executive positions among general executives is 52.9 years (as of the end of September 2019), the elevation to executive positions for owner families is 18.1 years faster than regular employees. Among them, the promotion duration for the 167 individuals with a president background was 12.9 years.
In particular, the younger generation joined at a younger age than their parents and became executives more quickly. The parent generation joined at an average age of 30.7 and, after 4.5 years, became executives, and after 13.2 years, they were promoted to the president level. In contrast, the child generation joined at a younger average age of 30.2, taking 4.3 years to be promoted to executives and 12.5 years to the president level.
The number of experienced hires totaled 92 (43.4%). The number of individuals promoted to executives upon joining was 54, accounting for 25.5% of the total. Including these individuals, more than half of those who were promoted to executives took less than 5 years, totaling 59.4% (126 people).
The groups where five or more owner families became executives upon joining include Young Poong and OCI. Shinsegae and Hyundai Marine & Fire Insurance each have three owner family members, while Lotte, Doosan, KCC, SeAH, Eugene, DAISHIN SECURITIES, and Hansol each have two owner family members who became executives upon joining.
Notable individuals among the owner families include Chung Yong-jin, honorary chairman of Korea Zinc; Lee Myung-hee, chairman of Shinsegae Group; Jung Yong-jin, chairman of Shinsegae Group; and Jung Mong-jin, chairman of KCC. Among the younger generation, Kim Jae-yeol, president of Samsung Global Research; Jung Tae-young, vice chairman of Hyundai Card; and Heo Se-hong, president of GS Caltex, became executives immediately after joining.
The owner families who rose to the president level immediately upon joining account for 4.2% of the total with seven members. They are Kim Joo-won, vice chairman of DB Group; Shin Chang-jae, chairman of Kyobo Life Insurance; Lee Ji-hyun, representative of OCI Dream; and Yoo Kyung-sun, chairman of Eugene Group.