Seoul (Reuters) - The head of Samsung Electronics Co’s mobile business, J.K. Shin, received a $5.8 million compensation package last year, beating the paycheck of his counterpart at U.S. rival Apple Inc, the South Korean firm said on Monday in its first such disclosure under new regulations.
The world’s biggest technology company by revenue said Shin’s pack included a base salary of 1.17 billion won ($1.09 million) and 1.6 billion won in incentives and performance bonus.
By comparison, Apple chief executive Tim Cook received $4.25 million in 2013, little changed from the previous year when he had been paid $4.17 million. Cook, however, had a separate pay related to annual stock grants, while Shin did not have stock options.
Shin, who has led Samsung’s mobile business since 2009, has since overseen the launch of its flagship Galaxy handsets that helped it unseat Apple in the smartphone market and also sparked patent litigation the world over that claimed Samsung copied the look and feel of the U.S. firm’s iconic mobile products.
Samsung’s other co-chief executive Kwon Oh-hyun, who leads the component business, earned 6.77 billion won, while third co-CEO Yoon Boo-keun, the head of its consumer electronics business, received 5.09 billion won.
South Korean financial authorities changed regulations late last year, requiring listed companies to include annual compensation details of executives who earn more than 500 million won in their business reports filings.
But the measure also drew some criticism as it does not shed much light on pay details of some high profile owners of business conglomerates or chaebols, as they frequently assume non-executive titles.
Samsung didn’t disclose remuneration details of J.Y. Lee, non-executive vice chairman and son of its chairman Lee Kun-hee, who is also non-executive chairman and receives no salary from Samsung.
($1 = 1,069.30 Korean won)
Reporting by Miyoung Kim; Editing by Jeremy Laurence and Matt Driskill