Chey Jae-won, senior vice chairman of SK Square and younger brother of Chey Tae-won, chairman of SK Group, was found to have received about 20.6 billion won from SK Innovation, where he retired at the end of last year.
According to SK Innovation's annual report posted on the Financial Supervisory Service's electronic disclosure system on the 16th, the senior vice chairman received a total of 20.589 billion won from SK Innovation last year. Of that, 9.81 billion won was severance pay and 6.961 billion won was other earned income, with 2.7 billion won in salary and 1.118 billion won in bonuses added.
The severance pay was calculated based on a monthly base salary of 225 million won for 15 years, the period during which the senior vice chairman worked at SK Innovation and, before SK Innovation's merger, at SK E&S, and, under internal rules, the excess over the cap was paid as other earned income.
Another retiree, Cha Tae-byeong, former head of the Passkey Business Development Unit, received 2.607 billion won, including 1.259 billion won in severance pay. Former head of corporate culture Ahn Jeong-hwan received 1.991 billion won, including 1.536 billion won in severance pay, and former SoC Optimization Group leader Choi Hwan-jun received 1.643 billion won, including 892 million won in severance pay. CEO Choo Hyeong-wook received 1.911 billion won, including 1.2 billion won in salary, 700 million won in bonuses, and 11 million won in other earned income.
As of the end of last year, SK Innovation had 2,064 employees in total, down 84 (3.9%) from 2,148 a year earlier. The number of executives fell by 28, from 112 to 84 (25%).