A South Korean CEO serves for an average of 2.6 years, which is shorter than the minimum of three years endorsed by the country’s commercial law, according to data from corporate tracker CEO Score on Wednesday.
The data showed that 367 chief executives, who accounted for 63.7 percent of the 576 executives surveyed, stepped down after less than three years. Another 102, or 17.7 percent, stayed on for less than a year.
At an average of 3.94 years, the CEOs at LG Group affiliates were found to stay in office for the longest period of time, while the average term for those at conglomerates including Hyundai Motor, Lotte, Samsung and SK was less than 2.8 years.
The report was compiled by tracking the tenures of 576 CEOs at the top 30 conglomerates starting in 2000. The results excluded founding family members of the companies, CEO Score said.