Chung Yong-jin cuts 3.6 billion won salary amid challenging business conditions

Chung Yong-jin, chairman of Shinsegae Group, cut his salary despite improved performance last year. The group noted that this was a decision to demonstrate accountability amid a difficult business environment.

According to a business report filed on the 18th by Emart, Chairman Chung received a salary of 1.98 billion won and bonuses of 1.62 billion won, totaling 3.609 billion won last year.

This figure is a 2.4% decrease compared to the previous year (3.699 billion won). While the salary remained the same as the previous year, the total compensation decreased due to a cut in bonuses from 1.717 billion won to 1.627 billion won.

The company explained that while Emart recorded an operating profit of 47.1 billion won last year and returned to the black, Chairman Chung voluntarily decided to reduce his bonuses.

An Emart official said, "Since taking the chairman position in March last year, Chairman Chung has produced results such as Emart's return to profitability, but he reduced his salary as a way to take the lead in navigating the still challenging domestic and international business environment."

Chung Yong-jin's sister, Chung Yu-kyung, chairman of Shinsegae, received 3.596 billion won in compensation, also a 2.4% decrease from the previous year. Shinsegae explained, "We considered the achievement of maximum sales despite the prolonged domestic downturn and challenging business environment."

Lee Myung-hee, group chairwoman of Shinsegae, and Chung Jae-eun, honorary chairwoman, reduced their salaries and did not receive bonuses. The total compensation for Lee and Chung last year was 1.767 billion won, a 42.3% decrease compared to the previous year. When combining the salaries received from Shinsegae, the overall salary cut rate reached 37.5%.