Cho Dong-gil, chairman of Hansol Paper (213500), was the highest-paid executive in South Korea's paper industry last year, according to Financial Supervisory Service filings released on the 21st. Lee In-beom of Asia Paper (002310), Kim Seung-han of Hanchang Paper (009460), and Choi Byeong-min of Kleannara (004540) followed. Notably, most executives earning over 500 million won were founders or their family members rather than professional managers.
Cho received 3.69 billion won in total compensation last year, down slightly from 3.95 billion won in 2024. Bonuses accounted for 2.26 billion won of his pay, reflecting the company's strengthened market dominance despite rising costs and challenging external conditions, according to Hansol Paper. The company also cited successful market entry of eco-friendly materials in preparation for a post-plastic era.
Hansol Paper posted solid results while competitors struggled with declining demand and U.S. tariffs. Operating profit surged 127.1% year-on-year to 49.9 billion won, with revenue rising 3.4% to 2.29 trillion won.
Cho also serves as an inside director at Hansol Holdings (004150) and Hansol Technics (004710), receiving 993 million won and 927 million won respectively. His total compensation across all affiliates reached 5.61 billion won.
Lee In-beom, CEO of Asia Paper, ranked second with 1.08 billion won, including 337 million won in bonuses—similar to his 2024 compensation of 1.07 billion won. Asia Paper's operating profit rose 2.4% to 27.2 billion won, though revenue fell 4% to 855.1 billion won.
Kim Seung-han, chairman of Hanchang Paper, earned 737 million won with no bonus. The company swung to an operating loss of 5.19 billion won last year, with revenue declining 9.3% to 267 billion won.
Choi Byeong-min, honorary chairman of Kleannara, received 623 million won, including 249 million won in bonuses. Kleannara's operating loss widened to 22.6 billion won, with revenue falling 5.4% to 508.2 billion won.
No executives at Korea Paper (027970), Taelim Packaging (011280), Shindaeyang Paper (016590), Kukil Paper (078130), or Daeyoung Packaging (014160) earned more than 500 million won last year.