Chaebol Children Get Speedy Promotions
By Jane Han
Staff Reporter
When Yang Hong-seok entered Daishin Securities, the country's third-largest brokerage firm, in 2006, the 28-year-old probably knew he wouldn't be sitting in an office cubicle with the other rank-and-filers for too long. Being the son of the chairman, it just wouldn't have looked right.
His speedy promotion was expected, but the lightening pace of it wasn't.
The following year after Yang entered, he got bumped up to executive director, and then to managing director five months later. Before he even got used to his new title, Yang got seated as Daishin Securities' vice president.
Yang's example is one of chaebol offspring's lightening-speed promotion at its best, says Chaebul.com, a Web site that monitors local conglomerates.
The business portal said Thursday that a survey of 37 chaebol children showed that the average age the ``royal kids'' take the helm of directorial positions is 31. Thereafter, they get promoted every 28 months.
The average age has dropped markedly compared to last year's 45, according to Chaebul.com, adding that the frequency of promotions also increased, as the 2008 survey showed that second-generation members were upgraded every 43 months.
Some of the figures it highlighted are former Samsung Chairman Lee Kun-hee's only son, Jae-yong, who first took part in the top conglomerate's management in 2001 at 32.
He got promoted to executive director two years later and managing director four years later, demonstrating the typical 28-month promotion cycle.
Lee's sister, Boo-jin, 39, who is currently the vice president of Samsung-affiliate Shilla Hotel, has also exemplified classic fast track growth since joining the group in 2001.
There was also no slowdown for children of the country's other leading chaebol, Hyundai.
Chung Eui-sun, 39, first got his hands on managing Hyundai Motor in 2000. He was then promoted to managing director the next year, named as vice president of Hyundai Mobis two years later and finally to became the president of Kia Motors in 2005.
The oldest son of Hyundai-Kia Automotive Group Chairman Chung Mong-koo was moved every 24 months.
Some of the other chaebol heirs highlighted by Chaebul.com were Hyundai Group Chairwoman Hyun Jeong-eun's daughter Chung Ji-ee and Kumho Asiana Group Chairman Park Sam-koo's son Park Sae-chang.