February 09, 2017 11:45
Members of the founding families of the nation's top 50 conglomerates still take only a few years to reach senior management positions even though they own just a fraction of shares in their publicly traded firms.
Industry tracker CEO Score looked at 208 members of the top 50's founding families and found that a whopping 169 hold management positions in the firms their ancestors started.
They started work on average at the age of 29, and by the time they were 33.8 they had reached management level.
CEO Score's Park Ju-gun said Koreans usually start their first jobs at 28 and it takes them around 24 years to reach executive positions, "so corporate scions get there a full 20 years faster."
Nineteen were parachuted straight into management without any work experience. On average, members of the founding families became CEOs at the tender age of 42.5.
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