SK Group chairman Chey Tae-won has caved in to public pressure and promised to donate last year's entire salary of W30.1 billion to charity (US$1=W1,024).
SK Group Wednesday said Chey "decided to give his last year's salary and incentives of W30.1 billion to society. He believes that it is right to use it for public good as he was paid the amount while he was unable to work."
Chey spent most of last year in jail for embezzlement since being sentenced to four years on Jan. 31.
His earnings sparked an outcry after the earnings of executives of listed companies were revealed at the end of March this year.
Chey was the highest paid CEO in Korea last year as he was paid by four affiliates -- SK Group, SK Innovation, SK Hynix, and SK C&C -- where he is registered as a board member.