Kakao Chief Jeong Shin-a Receives 13.6 Billion Won Pay in Annual Report
Kakao released its latest annual business report on the 18th, detailing executive pay for the previous year. Kakao chief executive Jeong Shin-a received a total compensation of 13.61 billion won, up about 7 billion won from the year before. His 2023 pay comprised a salary of 850 million won, a 504 million won annual bonus, and 7 million won in other earned income. The company notes that, because Jeong took the helm in March 2024 and 2023 yielded no measurable results, there were no bonus or stock-option gains tied to performance in 2023.
The board’s note on the bonus explains that short-term incentive decisions factor in key financial and strategic outcomes for 2024, ESG metrics, and intangible factors such as future growth, service competitiveness, and long-term vitality. It also cites Jeong’s role in pursuing new AI-related businesses, strengthening core services, and advancing governance and sustainability as part of the justification for the compensation level.
Former Kakao CEO Hong Eun-taek was the highest-paid individual among Kakao’s executives listed, with total remuneration of 23.32 billion won for the year. That package included a salary of 960 million won and a bonus of 1.372 billion won, with the remainder comprising other pay and benefits. Hong stepped down in March 2024 and now serves as an advisor to the company.
Other top earners in the year included Kwon Daeyeol, who oversees ESG for Kakao’s CA Council, with 800 million to 1 billion won in compensation, and former CTO Jeong Kyudan (plus related executives) who earned 787 million won and 785 million won respectively. Taken together, the listed executives’ compensation reflects stock-option gains and other incentive-based pay.
As of year-end, Kakao employed 3,922 people, including temporary workers. When stock-option gains are included, Kakao’s total annual payroll for all employees reached about 439.5 billion won, with an average per-employee pay of about 109 million won. The headcount fell slightly from 4,028 to 3,922 year over year, while the average salary per employee rose roughly 7 million won.
Beyond Korea, Kakao matters to U.S. readers for several reasons. Kakao is a major platform company whose services—messaging via KakaoTalk, digital payments, maps, e-commerce, and growing AI initiatives—intersect with global tech supply chains, advertising markets, and cross-border digital services. Executive compensation patterns in Korea’s tech sector can influence investor sentiment and corporate governance norms that affect international capital flows and the attractiveness of Korean tech listings. As Kakao expands into AI and other AI-enabled services, its leadership incentives may have implications for competition, collaboration, and potential partnerships with Western technology firms.