The selection process for new executives at prominent financial institutions, government-owned banks, and financial corporations is expected to begin in earnest as the year draws to a close. Reports suggest that particular attention is being paid to whether Jin Ok-dong, Chairman of Shinhan Financial Group, and Yim Jong-yong, Chairman of Woori Financial Group, will be reappointed to their positions.
There is also considerable interest in determining who will lead government-controlled financial institutions including the Export-Import Bank of Korea (Eximbank) and the Industrial Bank of Korea (IBK).
Shinhan Financial Group became the first organization in the sector to initiate its executive selection procedure, establishing its chairman candidate recommendation committee on September 26 to examine the standards for assessing potential replacements for Jin. Jin began his role in March 2023, and his current term is scheduled to end in March of the following year.
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The committee intends to compile a list of qualified candidates by the end of November and choose the ultimate nominee in early December through an extended session involving all independent directors.
The selected individual will subsequently face board evaluation before receiving formal confirmation as chairman during the annual shareholders' meeting planned for March next year.
Woori Financial Group is anticipated to commence deliberations regarding its upcoming chairman selection process in the near future, given that Yim's tenure ends in March next year. The organization's executive candidate recommendation committee will probably begin its activities no earlier than later this month.
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Jin has been recognized for successfully spearheading Shinhan's growth into Southeast Asian markets, especially Vietnam, while building confidence among major shareholders through his value enhancement program. This initiative involves eliminating 50 million treasury shares by 2027, aligning with President Lee Jae Myung's objective to reach KOSPI 5,000.
Jin has also demonstrated his ability to foster positive relationships with the Lee government, standing out as the sole leader among the top five financial conglomerates to participate in both Lee's formal swearing-in ceremony on August 15 and the government's official unveiling of the National Growth Fund on September 10, representing one of the president's primary economic commitments.
Jin further joined the president during his latest trip to New York.
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Yim, on the other hand, managed the establishment of Woori Investment & Securities by combining Woori Investment Bank with Korea Foss Securities, and effectively executed the purchases of Tongyang Life and ABL Life. Through strengthening the organization's footprint in securities and insurance markets, he is commonly regarded as having fulfilled the group's enduring objective of creating a complete financial services portfolio.
The selection of new executives for government-controlled Eximbank and IBK is anticipated in the near future.