Seoul: The average age of chief executive officers (CEOs) at South Korea's major companies has dropped below 60 for the first time, industry data showed Tuesday, amid a generational shift in the business circle.
According to Yonhap News Agency, the data from corporate tracker Leaders Index reveals that the average age of the top officials at the nation's 500 largest companies by sales came to 59.8 this year. This is a decrease from 61.1 in 2023 and 60.3 in 2024. The decline signifies a notable shift as several companies have undergone changes in their top leadership.
Hansol Paper Co., the largest paper manufacturer in the country, appointed 46-year-old Han Kyung-rok as CEO earlier this year, replacing 63-year-old Han Cheol-gyu. Similarly, Meritz Fire and Marine Insurance Co. named 48-year-old Kim Joong-hyun as CEO, succeeding 62-year-old Kim Yong-beom.
Lee Jae-sang, aged 43, from the K-pop powerhouse Hybe Corp., stands out as the youngest outsider CEO. In contrast, 36-year-old Koo Woong-mo, a descendant of LG Group founder Koo In-hwoi, took over LT Corp. in 2023, marking another example of the generational transition in leadership roles.
CJ Corp. CEO Sohn Kyung-shik, aged 86, and Nexen Corp. CEO Kang Byung-joong are noted as the oldest leaders among the major firms. Despite the changes in leadership age, female representation remains low, with only 12 women serving as CEOs in major South Korean companies, accounting for 2 percent of the total.