Prudential Life Korea President Sohn Byoung-ok sets example as 1st woman CEO

This is the first in a series of interviews with outstanding female leaders in the country’s financial and business sectors. Sponsors for this series include the Industrial Bank of Korea, Women in Innovation and Korea Network of Women in Finance. ― ED.

By Kim Tae-gyu, Kim Da-ye

The general perception is that highly successful businesswomen tend to be workaholics who put their jobs ahead of family commitments in order to compete within the male-dominated corporate world.

However, Prudential Life Insurance Korea President Sohn Byoung-ok, the first female CEO in the local life insurance business, defies this view and the 60-year-old stresses that her top priority has always been her family.

``In a case where a woman is highly talented and can deal with her work and family at the same time, she can work. If not, she had better go back home,’’ Sohn said.

``For me, my family has always come first and things remain the same now. I do not disregard my job. I think my career is as important as my life but not as my family.’’

This would not be the worldview expected from someone who made the first major crack in the country’s glass ceiling for women _ in the history of corporate Korea, no woman had ever previously assumed stewardship of a major financial institute or firm.

Sohn, famous for the meticulous care she brings to tasks while maintaining a low-profile leadership, does ask for equal opportunities for people of both genders, not special treatment for females.

However, she even doesn’t brand herself as a feminist and claims that women are required to take first and foremost control regarding the issue of the glass ceiling rather than constantly complaining about the system.

``Women have made great strides in our society, but it continues to be heavily oriented toward men. The only way for women to break the glass ceiling is to earn success by outperforming men,’’ she said.

``I often speak to young women who are starting their career to outperform others first with their right skills and abilities. If the skills and abilities are similar, then they need to work 1.5 times harder.”

Such an approach has been her secret to chalking up a number of achievements in the financial sector, which is an ultra-conservative sector predominantly ruled by men.

Sohn added that being a woman is not necessarily disadvantageous.

``As the only female colleague in most cases, I had a chance to bask in the spotlight in official meetings or other events even though I also suffered some disadvantages from time to time,’’ she said.

``In particular, females are typically weak at establishing networks and so am I. The only way to compensate for this demerit is to demonstrate competency through hard work.’’

Work-family balance

At a glance, the principle of putting family on the front burner and stressing work ethics seems to be a recipe for conflict but Sohn’s perspective is somewhat different.

The CEO has a unique understanding of the work-life balance, which depends on her specific situation and of her family members, and being candid enough not to conceal them.

``I am certain many would agree that work is 100 percent important and the same goes for family life. Balancing work and life is not about splitting attention between work and life 50 percent and 50 percent to make 100 percent,’’ she said.

``Balancing work and life is not about splitting numbers. To me, the core of work and life balance is how we redefine and realign our commitments based on our life cycle and needs.”

She took a couple of examples _ when her daughters became high school seniors going through the country’s rigorous college entrance procedures and when her husband battled cancer.

``Of course, I still gave my best to my work, but I didn’t try to fool myself or my company into believing that I have other priorities that required my special attention,’’ Sohn said.

``By doing so, I became honest with myself and avoided suffering from ‘what ifs’ and regrets. It is important that we have a clear grasp of the situation so that we can make swift decisions to realign our priorities and commitments.”

Shattering glass ceiling

When one learns of the educational background of Sohn, he or she might think that Sohn would be the last to put up a fight against the male-dominated culture of the financial sector.

Her very stern father did not buy the idea of mixed-sex education and did not allow Sohn to study law at Seoul National University, arguably the most sought after ivory tower in the country.

Instead, she was almost forced to go to an all-girls college, Ewha Womans University, just as her elder and younger sisters were.

When Sohn thought of studying overseas in her mid 20s or mulled over joining a Japanese airliner, her father was adamantly against these ideas. Eventually, she began her career at a bank, a choice which her father did not take issue with.

``When I checked the idea of leaving the nation for studies, my father declared I can do so only after severing ties with him. And he was the sort of man who kept to whatever he said,’’ she recollected.

Thinking that she would not have a chance to work again, she quit her job in the early 1990s to accompany her husband, a career bureaucrat who was then posted to Washington as a commercial attache.

Returning to Korea, Sohn did not search for a job but a company was searching for a competent professional _ her former superior at HSBC Korea recruited her to Prudential Life Korea, one of the leading insurers here.

After entering the Seoul-based outfit, which she dubs as one of three life-altering opportunities, she simply shone and went far beyond her personal expectations in terms of being promoted.

The specialist in human resources management eventually took charge of the company in April 2011. She is also an inaugural leader of the Women in Innovation, which started in late 2007 and is composed of outstanding women in the business and financial sectors.

Originally, around 40 female executives in Korean firms or branches of multinational companies here joined forces to establish the entity, which set up a partnership with the Ministry of Gender Equality and Family.

Currently, the membership extended to more than 100 from scores of companies.

One of the main targets of WIN is to nurture next-generation female leaders in line with the social trend where an increasing number of women take part in economic activities.

Toward that end, the organization holds periodic gatherings such as seminar and conferences where participants have networking opportunities and celebrated speakers share their experiences with WIN members.

Is Prudential different?

Asked whether Prudential Korea employs special measures favoring female workers, Sohn’s answer was flatly and simply negative.

Her rationale: such preferable steps have clandestine assumption that women are inferior to men so the former need higher playgrounds to compete with the latter. She does not buy such an idea.

``We accept whatever the laws or regulations stipulate. But not more,’’ she said.

With regard to the management of Prudential Life Korea, Sohn said that the insurer pays utmost attention to corporate ethics as well as very cautious in dealing with its customers’ money.

She took pride in working for a company with such a philosophy.

``I think that Prudential should succeed. With the ultra-high ethical standards in every corporate affair and its special care on clients’ funds, we have no luxury to face any slumps or failures,’’ sohn said.

Prudential has been touted as one of the most successful life insurers in Korea _despite recent struggles of domestic insurance companies due to the economic jolts, Prudential racked up stable growth.