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KEBA Chairman Vows to Bring Back Heads of Four Major Conglomerates
🇰🇷 South Korea /Economy & Trade

KEBA Chairman Vows to Bring Back Heads of Four Major Conglomerates

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Ryu Jin, chairman of the Korea Economic and Business Association (KEBA), reaffirmed his commitment to bringing back the heads of the four major Korean conglomerates to the KEBA's leadership.
  • He expressed concern over recent controversies regarding performance bonuses at companies like Samsung Electronics and SK Hynix, fearing a ripple effect on smaller businesses.
  • Ryu also assessed that KEBA has entered a normalization phase, with membership growing and expanding beyond traditional manufacturing to include tech and platform companies.

Ryu Jin, the chairman of the Korea Economic and Business Association (KEBA), has reiterated his pledge to secure the return of the heads of South Korea's four largest business groups to the association's leadership during his tenure. Speaking at a press conference in Jeju, Ryu emphasized that fulfilling this commitment is a key part of his mission before stepping down.

It was one of my pledges, so I will definitely bring them back before I leave. I believe it is my mission to keep my pledge and step down.

— Ryu JinRyu Jin reaffirmed his commitment to securing the return of the heads of the four major conglomerates to the KEBA's leadership.

The four major conglomerates, Samsung, SK, Hyundai Motor, and LG, had previously withdrawn from the KEBA's leadership following a political scandal in 2016. Although they rejoined as members, they have not participated in the leadership council. Ryu views their return as crucial for the association's full normalization and organizational recovery.

He also addressed the recent controversy surrounding high performance bonuses paid to executives at major tech firms like Samsung Electronics and SK Hynix. Ryu voiced concerns that such practices could negatively impact partner companies and small and medium-sized enterprises (SMEs). He stressed the need for transparent bonus distribution processes and suggested that companies should consult with stakeholders, including smaller businesses, before finalizing such decisions.

However, as the four major groups are at a crucial time with semiconductors, etc., it is a decision for each group's chairman.

— Ryu JinRyu Jin acknowledged that the final decision on returning to the KEBA leadership rests with the individual chairmen of the conglomerates.

Ryu believes that KEBA has successfully navigated a crisis that threatened its existence and is now in a phase of stabilization. Membership has reportedly surpassed 500 companies, and the association has broadened its scope beyond traditional manufacturing to include prominent companies in sectors like K-pop, content, semiconductors, shipbuilding, defense, and platform businesses such as Naver and Kakao. Ryu's term as chairman is set to conclude in February, and he expressed a desire to step down while the association is in a strong position.

We went through a crisis that threatened our existence, but I think we are now back in place.

— Ryu JinRyu Jin assessed the current state of the Korea Economic and Business Association, indicating a recovery from past difficulties.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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