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Chung Yong-jin, Chairman of Shinsegae Group. (Photo = Shinsegae Group) |
[Alpha Biz= Reporter Kim Jisun] The promotion of high-ranking positions among owner-managers in the top 100 domestic conglomerates has accelerated with each passing generation. In particular, the time it takes for the 4th generation owners to be promoted to vice chairman or chairman has decreased by more than 30% compared to the previous generation, although their ratio of being appointed as registered directors has declined.
On the 10th, Leader's Index, a corporate analysis research institute, revealed that it analyzed the promotion status of 290 owner-family members currently involved in management out of 835 members of the owner families from the top 100 domestic groups based on assets.
Among the top 100 groups, there are nine first-generation founders, six of whom are involved in management. Among the second generation, 130 out of 353 are in management, while 132 out of 391 in the third generation and 28 out of 80 in the fourth generation hold positions.
As the generations descend, the time taken to become an executive after joining the company lengthens, but once they become executives, the time to be promoted to president, vice chairman, or chairman has shortened.
The second generation on average entered the company at 28.7 years old and took 4.8 years to become an executive. The third generation entered at 29.6 years old and took 3.8 years, while the fourth generation entered at 28.8 years old and took seven years to be promoted to an executive.
The time to be promoted from executive to president was an average of 8.3 years for the second generation, 9.9 years for the third generation, and slightly reduced to 9.7 years for the fourth generation. Meanwhile, the time to be promoted from executive to vice chairman shortened from 12.3 years for the second generation and 12.9 years for the third generation to 10.4 years for the fourth generation.
The speed of promotion to chairman was even faster. The second and third generations took 16.5 years and 18.7 years, respectively, to be promoted from executive to chairman, while the fourth generation took just 12.7 years. As a result, the average age of chairmen also decreased. For the second and third generations, the average age when they became chairman was 50.5 years, but for the fourth generation, it was 46 years.
However, the ratio of owner-family members involved in management who are registered executives has decreased with each generation, from 70% for the second generation to 46.2% for the third and 46.4% for the fourth generation.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
