The number of executives promoted within South Korea’s top 30 conglomerates has dropped by nearly 10% compared to last year, reflecting a shift toward companies prioritizing management efficiency amid a prolonged economic downturn and growing domestic and global uncertainties.
According to corporate analysis firm Leaders Index, which examined executive promotions across 245 affiliates from 21 out of 30 conglomerates that announced promotions between August 1 and Dec. 20, the total number of promotions fell to 1,303 this year, down 9.6% from 1,442 last year.
While four more affiliates announced promotions this year, reaching 152, the overall number of promoted executives had declined compared to last year. The decrease was more pronounced in higher-ranking positions. Among the four largest conglomerates, only one was promoted to vice chairman.
The number of newly promoted managing directors, typically the entry-level executive role, fell by 9.6%, from 1,129 last year to 1,021 this year. Promotions to senior executive roles, including president and above, nearly halved, dropping from 43 to 24.
Only two individuals were promoted to chairman this year: Shinsegae Inc. Chairman Chung Yoo-kyung Shinsegae and Hyundai Home Shopping Network Chairman Chung Kyo-seon. Vice Chairman promotions also fell from 11 last year to just four this year, including Jang Jae-hoon of Hyundai Motor Company, Cho Seok of HD Hyundai Electric, Hong Soon-ki of GS, and Koo Bon-hyuk of Yesco Holdings.
For the third consecutive year, no Vice Chairmen have been promoted in the top four conglomerates, except for Hyundai Motor Group. The number of new presidents also sharply declined, decreasing by 37.5% from 32 last year to just 20 this year.
