Doosan Group Chairman Park Jeong-won received 45.58 billion won (approximately $32.2 million) in compensation for the first half of this year, ranking first among South Korea’s business leaders. The decisive factor was the more than 13-fold surge in the valuation of restricted stock units (RSUs) granted three years earlier, driven by Doosan’s soaring share price.

According to half-year reports disclosed by each company on the 14th, Chairman Park received 1.82 billion won in salary, 6.17 billion won in short-term incentives, and 37.59 billion won in RSU valuation, totaling 45.58 billion won. While salary and short-term incentives remained at levels similar to last year, the sharp increase in the stock valuation of RSUs paid out earlier this year drove the overall compensation surge.

The RSUs reflected in this half-year compensation consist of 32,266 Doosan shares granted to Chairman Park in 2023. At the then-reference price of 88,016 won per share, the package was worth approximately 2.84 billion won. However, by the actual payout date in February this year, Doosan’s share price had climbed to 1.165 million won, pushing the valuation to 37.59 billion won. The share price rose approximately 13.2-fold from the grant date, driving an equivalent increase in RSU valuation.

Doosan revamped its long-term incentive program for executives in 2022, replacing cash payouts with RSUs that restrict share transfers for three years. A Doosan official said, “This outcome aligns with the purpose of RSUs—enhancing shareholder value through executive motivation—and the recent trend toward expanding equity compensation. The shares paid out are intended to drive long-term growth and will be held continuously; their valuation may continue to fluctuate with future share price movements.”

As financial regulators now mandate disclosure of the cash-equivalent value of unrealized equity compensation, the current market value of Chairman Park’s outstanding RSUs was also revealed. Park was granted a total of 60,443 RSUs over the three-year period from 2024 to 2026, with a market value of 47.2 billion won based on the 2025 year-end closing price of 781,000 won per share.

Business Leader Compensation Rankings

LS Group Chairman Koo Ja-eun ranked second with 13.303 billion won, combining salary, bonuses, and share-value-linked cash. LS paid out 27,340 shares granted to Chairman Koo three years earlier in cash this April, reflecting the then-share price and dividends.

Hanwha Group Chairman Kim Seung-youn ranked third with a total of 11.58 billion won received from five affiliates: Hanwha, Hanwha Aerospace, Hanwha Systems, Hanwha Vision, and Hanwha Solutions. Lotte Group Chairman Shin Dong-bin received 11.227 billion won. He received 3.33 billion won from Lotte Shopping—up 100.6% from last year on improved earnings—and 3.257 billion won from Lotte Holdings.

LS Electric Chairman Koo Ja-kyun received 10.589 billion won, while Hanjin Group Chairman Cho Won-tae received a total of 9.053 billion won from Korean Air and Hanjin KAL. Korean Air compensation rose 40.8% from last year, boosted by performance-based pay under the mid-to-long-term incentive program.

Other notable figures included LS Group Board Chairman Koo Ja-yul at 7.27 billion won, Hyosung Group Chairman Cho Hyun-joon at 6.625 billion won, LG Group Chairman Koo Kwang-mo at 4.83 billion won, Hyundai Motor Group Executive Chair Chung Euisun at 4.5 billion won, and Hanwha Group Senior Vice Chairman Kim Dong-kwan at 3.5 billion won. Shinsegae Group Chairwoman Chung Yong-jin and Chairwoman Chung Yoo-kyung each received 2.205 billion won, while SK Group Chairman Chey Tae-won received 1.75 billion won.

In contrast, Samsung Electronics Chairman Lee Jae-yong maintained his no-pay policy, which has been in place since 2017.

SK Hynix CEO Kwak Noh-jung Tops Professional Executives

Among professional executives, SK Hynix CEO Kwak Noh-jung received the most at 26.095 billion won, including 20.455 billion won in bonuses. Kwak’s package comprised 1.25 billion won in salary, 20.465 billion won in bonuses, and 4.379 billion won in stock option exercise gains. Bonuses surged as long-term performance compensation tied to past share price appreciation was reflected.

At Samsung Electronics, President Lee Won-jin received the most at 7.479 billion won, followed by Roh Tae-moon, head of the DX Division, at 7.445 billion won. In stark contrast, Jun Young-hyun, head of the DS Division, received 2.393 billion won, and Kim Yong-kwan, head of DS Division management strategy, received 1.867 billion won. Former LG Electronics CEO Cho Joo-wan, who retired at the end of last year, received 5.285 billion won including severance pay.

Among professional executives, bonuses tied to earnings performance and new business results determined compensation levels. LG Electronics CEO Ryu Jae-cheol received a total of 1.896 billion won, including 807 million won in salary and 1.089 billion won in bonuses. LG Display CEO Jeong Cheol-dong received 1.457 billion won. LG Display’s bonus reflected its achievement of returning to annual profitability after four years by upgrading its business structure around organic light-emitting diodes (OLEDs).

The Rise of Equity-Linked Compensation

A standout feature of this compensation disclosure was the extent to which equity-linked pay determined compensation for both business leaders and professional executives. Chairman Park Jeong-won’s 13-fold RSU valuation surge, Chairman Koo Ja-eun’s share-value-linked cash payout, and CEO Kwak Noh-jung’s long-term performance compensation all exemplify how share price appreciation drove compensation levels higher.

In Doosan’s case specifically, the holding company transition and expectations around new businesses such as AI and robotics drove the share price higher, maximizing the impact of the RSU program. This is viewed as a case where the RSU design—linking executive compensation directly to shareholder value—actually worked as intended. However, some observers note that compensation could also shrink if share prices fall, meaning companies with higher stock volatility may also see greater compensation volatility.