Jin Ok-dong, who was nominated as the next chairman, took off his curtain. The CEO’s personnel management has been focused on ‘generational change’ rather than stability, and the change in the role of financial holding companies is attracting attention in the reorganisation.
On the 22nd, Shinhan Financial Group held a Supplementary Business Management Committee (Self-Government Committee) and a temporary board of directors at the headquarters, and recommended the presidents of the subsidiaries and executive personnel of the holding companies.
An official from Shinhan Financial Group said, “On this day, the Self-Governing Committee and the Board of Directors focused on building a management line with the ability and expertise to read the future changes in core business areas and discover new growth opportunities even in the middle of a crisis.” We had a detailed discussion and time to check the leaders who will lead the group.”
First of all, Vice President Han Yong-gu was recommended as the successor of the current CEO Jin Ok-dong. Currently, Vice President Han is the head of the sales group responsible for Shinhan Bank’s sales channels, and has a broad understanding of banking issues such as channel strategy, loan and deposit products, and soundness management. Specifically, he served as head of the holding company Won Shinhan Strategy Team and vice president of Shinhan Investment & Securities (head of the management support group), tested the group company collaboration system, and gained experience in business promotion and business management in various industries such as the capital market It is evaluated that he is the right person to prepare for.
Vice President Moon Dong-kwon was recommended as a successor to Shinhan Card President Lim Young-jin, who drew attention. As the head of Shinhan Card’s management planning group, Vice President Moon is evaluated to have supported Shinhan Card’s solid performance based on stable business management, such as establishing and implementing flexible business plans considering market conditions and allocating resources efficiently efficient. In particular, if Vice President Moon is inaugurated as president, he will be named the first CEO inside a credit card company (LG Card) since the launch of the integrated Shinhan Card in 2009.
After the private equity crisis, Shinhan Investment & Securities, which has taken a leap forward by changing its name, will step down as president Lee Young-chang and change to CEO Kim Sang-tae as the sole representative. CEO Kim, a graduate of Mirae Asset Securities, is evaluated to be creating diverse results in the IB field of traditional securities businesses such as ECM/DCM since assuming his position as general president of GIB in March this year. He emphasizes an active sales mindset and the need to restore market trust, and is recognized for his consistent ability to lead and manage a business that unites the capabilities of its members.
Shinhan Life has also just recommended Young-jong Lee (head of the retirement pension business group) as vice president to succeed Dae-gyu Sung as president. Vice President Lee supported the acquisition of Orange Life as the head of Shinhan Financial Group’s Strategic Planning Team, and later served as Orange Life’s New Life Promotion Office Manager and served as Orange Life’s CEO and Vice President for six months from January last year . In particular, the fact that he supports the detailed process of integrating the two companies and that he has high trust among the members through interactive communication and a collaborative mindset became the background for recommending candidates.
In addition to these subsidiaries, Shinhan Capital President Jung Woon-jin and Shinhan Savings Bank President Lee Hee-soo were recommended for reappointment based on their outstanding financial performance during their two years in office. As both companies have seen significant growth in assets in recent years, they agreed on the need for stable risk management focused on the current CEO in the current market situation where volatility is increasing.
In addition, CEO Kim Hee-song of the alternative assets division of Shinhan Asset Management, which was merged earlier this year, was recommended for a second term, so that he and Jae-min Cho, the representative of the traditional assets division, maintain their appropriate representative systems Lee Seung-soo, vice president of Shinhan Asset Trust, who has experience in various business areas in the field, was recommended as a candidate for the new president.
Capital market subsidiaries Shinhan AI and Shinhan Venture Investment decided to appoint new presidents Bae Jin-soo and Lee Dong-hyun, who have excellent expertise in AI asset management and venture investment, respectively.
Regarding this CEO appointment, an official from Shinhan Financial said, “Last year, some CEOs were replaced mainly by small and medium-sized companies such as Jeju Bank, Shinhan Aitas, and Shinhan DS. It is true that it looks a bit very much,” he said, “but this is a natural process of generational change following the recommendation of a candidate for the new president.” The current chairman, Cho Yong-byeong, who previously announced his intention to resign from the chairmanship, also mentioned ‘generational change’ as the main background for his decision to resign.
The official said, “The group management leader training system, which current chairman Cho Yong-byeong emphasized throughout his tenure, is operating stably as the candidates recommended as CEO candidates for major subsidiaries are talented people who have been nurtured as bereavement candidates as the management leaders of the group for many years. It means you do it,” he said.
Meanwhile, on the same day, Shinhan Financial Group also announced plans for an organizational reorganization next year based on a change in the role of the holding company. First of all, in the area where the cooperation culture within the group is established, the business management functions of the holding company are reduced and simplified, and the role of the holding company to upgrade the cooperation strategy is strengthened group level in core business areas. and discover new growth engines ‘ I decided to push for a change in perspective.
Accordingly, the management department of the holding company, which has been solely responsible for managing the financial performance of the group, will be dissolved, and the concurrent position of head of the WM/Retirement Pension/GMS business group, who has ‘to operate in the Group. holding company and subsidiary form, are released. In addition, ‘Shinhan Group One Division’ and ‘Group New Business Division’ were newly established, and the function of each holding company division was redesigned to discover the group’s growth agenda and support future changes in core business areas through collaboration among group companies, and insight into the market Based on this, the plan is to focus on improving the value of the whole group.
Senior Vice President Ko Seok-heon, head of the group’s strategy/sustainability management department, will be promoted to vice president, and Vice President Jang Dong-ki (head of GMS Business Group), who has overseen management the group’s unique assets, moving to the newly established ‘head of group new business’. Although most of the holding company’s executives have been appointed for a consecutive term, some division of duties will also be done in accordance with the organizational reorganisation.
The terms of office of the persons recommended on this day will begin on January 1, 2023, and the candidates for CEO candidates for subsidiaries, nominated by the Self-Governing Committee, will be reviewed in meeting and board of shareholders of each company. directors after final verification of qualifications and suitability in the Executive Candidate Recommending Committee of each subsidiary.
/ Fortune Korea Reporter Kong In-ho ball@fortunekorea.co.kr
