Owner families in midsized firms need 3.8 yrs to rise to executive roles
Family members of owners of midsized companies in South Korea take less than four years on average to be promoted to executive management positions, a market tracker said Wednesday.
A survey of the top 100 medium-sized businesses with total assets of less than 5 trillion won ($3.4 billion) each as of 2023 revealed that 101 out of 237 executives were members of the owning families, according to CEO Score.
These individuals began their careers at their family-run companies at the average age of 30.7 and were promoted to executive roles at 34.5.
In comparison, family members in large corporations reached executive positions slightly later, at the average age of 34.8, after joining their companies at 30.4.
On average, it took 12.3 years for family members in midsized firms to advance to the position of president, slightly less than 12.9 years in large corporations.
Notably, 33 family members in midsized firms were appointed to executive positions immediately upon joining the company.
Hur Jin-soo, president of food company SPC Group, parent of bakery brand Paris Baguette, and Hyundai Group Chairwoman Hyun Jeong-eun are some of the examples.
On the other hand, Ottogi Chairman Ham Young-jun had the longest journey to an executive position, taking 22 years to be promoted. (Yonhap)
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