Head of Samsung Electronics Co’s mobile business, J.K. Shin, received a $5.8 million compensation package last year, beating the paycheck of his counterpart at U.S. rival Apple Inc, the South Korean firm said on Monday in its first such disclosure under new regulations.
The world’s biggest technology company by revenue said Shin’s pack included a base salary of 1.17 billion won and 1.6 billion won in incentives and performance bonus.
By comparison, Apple chief executive Tim Cook received $4.25 million in 2013, little changed from the previous year when he had been paid $4.17 million.
Shin, who has led Samsung’s mobile business since 2009, has since overseen the launch of its flagship Galaxy handsets that helped it unseat Apple in the smartphone market and also sparked patent litigations the world over that claimed Samsung copied the look and feel of the U.S. firm’s iconic mobile products.
Samsung’s other co-chief executive Kwon Oh-hyun, who leads the component business, earned even more, taking 6.77 billion won home, while third co-CEO Yoon Boo-keun, the head of its consumer electronics business, received 5.09 billion won.
South Korean financial authorities changed regulations late last year, requiring listed companies to include annual compensation details of executives who earn more than 500 million won in their business reports filings.
But the measure also drew some criticism as it does not shed much light on pay details of some high profile owners of business conglomerates or chaebols, as they frequently assume non-executive titles.
Samsung didn’t disclose remuneration details of J.Y. Lee, non-executive vice chairman and son of its chairman Lee Kun-hee, who is also non-executive chairman and receives no salary from Samsung.
© Thomson Reuters 2014
