Seoul, Aug 12 (IANS) The average age of chief executive officers (CEOs) at South Korea’s major companies has dropped below 60 for the first time, industry data showed Tuesday, amid a generational shift in the business circle.

According to the data from corporate tracker Leaders Index, the average age of the top officials at the nation’s 500 largest companies by sales came to 59.8 this year, down from 61.1 in 2023 and 60.3 in 2024, reports Yonhap news agency.

The decline comes as several companies have undergone changes in their top leadership.

Hansol Paper Co., the largest paper manufacturer, appointed 46-year-old Han Kyung-rok as CEO earlier this year, replacing 63-year-old Han Cheol-gyu.

Meritz Fire & Marine Insurance Co. recently named 48-year-old Kim Joong-hyun as CEO, replacing 62-year-old Kim Yong-beom.

Lee Jae-sang, 43, of K-pop powerhouse Hybe Corp. is the youngest outsider CEO, while 36-year-old Koo Woong-mo, grandson of LG Group founder Koo In-hwoi, took the helm of LT Corp. in 2023.

CJ Corp. CEO Sohn Kyung-shik, 86, is the oldest leader, along with Nexen Corp. CEO Kang Byung-joong.

Meanwhile, only 12 of the CEOs in major South Korean companies are women, accounting for 2 percent of the total.

Leading companies in South Korea have fewer employees in their 20s than those aged 50 or older on their payrolls, industry data showed last week, partly reflecting reduced hiring of young workers amid an economic slowdown.

According to the data from corporate tracker Leaders Index, the share of 20-something employees at 124 top companies in terms of sales was recorded at 19.8 percent as of the end of 2024, down 1.2 percentage points from a year earlier.

In contrast, the proportion of workers aged 50 or older reached 20.1 percent, up 0.6 percentage point from the previous year.

It marked the first time since 2015, when Leaders Index started compiling related data, that workers in their 20s have been outnumbered by those aged 50 and above. The ratio of workers aged below 30 years also reached under 20 percent for the first time.

—IANS

na/