LG Electronics' 'Bosuk King' Former President Song Dae-hyun Received 5.46 Billion Won Including Severance Pay in the First Half of the Year

by Jeong Hyunjin

Published 17 Aug.2021 16:26(KST)

Song Dae-hyun, former president of LG Electronics

[Asia Economy Reporter Jeong Hyunjin] Former LG Electronics President Song Daehyun received nearly 4 billion KRW in retirement pay, becoming LG Electronics' "highest-paid" executive in the first half of this year.

According to LG Electronics' semi-annual report on the 17th, former President Song received a total compensation of 5.461 billion KRW in the first half of this year. Specifically, his salary was 279 million KRW, bonuses amounted to 1.462 billion KRW, and retirement income was 3.72 billion KRW. Song, who led LG Electronics' Home Appliance & Air Solution (H&A) business and was credited with creating a golden era for LG appliances, stepped down from his executive position in November last year.

LG Electronics explained, "Considering last year's operating profit margin of 10.1% for the H&A Business Division, as well as achievements such as strengthening distribution and supply capabilities focused on advanced markets like North America and Europe, and proactive responses to changes in customer needs related to hygiene and health, a bonus of 1.462 billion KRW was calculated and paid."

In addition, former President Hong Sungkuk received 3.949 billion KRW in compensation in the first half of this year. His salary was 275 million KRW, bonuses 415 million KRW, and retirement income 3.259 billion KRW. Former Vice Presidents Kim Sangdon and Lee Gamgyu received 2.235 billion KRW and 2.25 billion KRW respectively in the first half. Their compensation includes retirement income.

Among current executives, LG Electronics President Kwon Bongseok received the highest compensation. President Kwon earned 2.08 billion KRW in the first half of this year, with a salary of 740 million KRW and bonuses of 1.34 billion KRW. Considering he received 1.06 billion KRW in compensation in the first half of last year, his pay doubled in one year. Vice President Bae Duyong received a total of 731 million KRW in the first half, with a salary of 297 million KRW and bonuses of 434 million KRW.

Meanwhile, as of the end of June, the number of LG Electronics employees (including fixed-term workers) was 39,282. The average salary paid per person in the first half was 49 million KRW.