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Number of foreign executives in Korean companies declining
By YonhapPublished : Oct. 29, 2018 - 09:46
Foreign executives working for South Korean companies make up just 1.4 percent of senior management -- a decline from three years ago, as their biggest employer, Samsung, has cut back on such hirings -- data showed Monday.
An analysis by market researcher Korea CXO Institute counted only 94 foreigners out of 6,843 executives. This is a decrease from 101 in 2015, or a drop of 1.5 percent.
The number of companies that have non-Koreans as senior managers increased from 18 to 20 during the period.
The results were drawn from a survey of the top 100 local companies in terms of sales.
Data showed 47.9 percent of the foreign executives were at Samsung Electronics. Hyundai Motor was a distant second with eight foreigners, followed by Tongyang Life Insurance, which had five. LG Electronics, Samsung C&T and SsangYong Motors each had four.
The smaller presence of foreign executives is apparently due to the decline in their numbers at Samsung affiliates. Samsung Electronics had 45 non-Koreans at senior managerial posts this year compared with 57 three years ago. Samsung C&T cut back from 13 to four.
Other affiliates, such as Samsung Engineering and Samsung SDI, also scaled back on hiring foreigners. Yet, with 55 non-Korean managers, South Korea's largest conglomerate had the largest number and more than half of the total.
In the case of Hyundai Motor Group, the company increased the number from two in 2015. Kia Motors, which had none three years ago, has newly hired two.
The average age of these executives was 53.5. (Yonhap)
