Shinhan Financial Group decided to reappoint 11 (79%), including CEO Jin Ok-dong, of the 14 subsidiaries whose terms of office are ending. Due to the deepening uncertainty caused by Corona 19, they chose stability rather than change.
Shinhan Financial Group held the Subsidiary Management Committee (Self-Guide) on the 17th and decided on the final candidates for the CEOs of 14 subsidiaries whose tenure ends this month.
Among the CEOs whose term of office expires this time, △Jin Ok-dong, president of Shinhan Bank (term 2 years) △ Lim Young-jin, president of Shinhan Card (term 2 years) △ Sung Dae-gyu, president of Shinhan Life Insurance (Term 2 years) △ Lee Chang-gu, president of Shinhan BNPP Asset Management △ Bae Il-gyu President of Asia Trust 1 year) △Byeong-hwa Choi, president of Shinhan Aitas (term 1 year) △ Lee Ki-Song, president of Shinhan Credit Information (term 1 year) △ Kim Hee-song, president of Shinhan Alternative Investment (term 1 year) △ Nam Gung-hun, president of Shinhan REITs Management (term 1 year) △ Bae Jin-soo Shin-han All 11 CEOs, including AI President (Term 1 year) and Jeju Bank President Seo Hyun-joo (Term 1 year), all have been decided to reappoint.
Sung Dae-gyu, CEO of Shinhan Life Insurance, will also be the first representative of Shinhan Life Insurance, which will be launched on July 1st next year, and Shinhan Life, an integrated corporation of Orange Life.
On the other hand, Moon-Kook Jung, President of Orange Life, Young-taek Heo, President of Shinhan Capital, and Young-pyo Kim, President of Shinhan Savings Bank, will be leaving their representative positions at the end of this term.
The Shinhan Financial Self-Defense Committee said, “The CEOs of major subsidiaries who have proved stable leadership by reinforcing the ability to execute digital transformation for the future and to achieve the group’s goal of becoming a first-class Shinhan even in a volatile external environment. The reappointment gave me strength to stabilize the group’s management.”
The Vigilante Committee recommended a two-year new term to Shinhan Bank President Jin Ok-dong, Shinhan Card President Lim Young-jin, and Shinhan Life Insurance President Sung Dae-gyu.
An official from Shinhan Financial said, “If the CEO’s term of office is usually two years for new appointments and one year for consecutive tenures, there is a side that focuses on short-term performance relative to the mid- to long-term strategy. In the case of the case, the CEO will have enough time to demonstrate leadership, and the responsible management centered on the CEO of the subsidiary will be strengthened.”
Orange Life Vice President Lee Young-jong (now Orange New Life Promotion Office) will be the temporary representative to lead Orange G-Life as the replacement for Orange Life CEO Jung Moon-guk, whose term expires at the end of this year.
Shinhan Capital has been recommended as the new CEO and president of GIB Business Group, Jeong Un-jin, who is currently in charge of the group’s IB business.
Shinhan Savings Bank is recommended as the new CEO, Lee Hee-soo, the current head of Shinhan Bank’s sales group, and plans to pioneer new business areas beyond the scope of existing financial holding-affiliated savings banks.
◇Established the group’s business management division, Young-taek Heo, president of Shinhan Capital → Appointment of vice president of holdings
Along with this, Shinhan Financial Group also held the candidate for the head of the business group and the management of the holding company.
The group’s business management division was newly established and a CEO-level division head was appointed.
In addition, the existing vice president, vice president, assistant, and executive management system has been reduced to the second level of vice president-executive management, so that the vice president level management can practice responsible management in each sector. The policy is to increase the speed of internal decision-making by activating horizontal communication between management and to strengthen the execution power of business promotion.
The group’s business management division integrated and efficient the business management functions of the holding company, which were scattered in teams such as strategy and finance. In particular, it has established a platform to constantly share key management issues of the group and subsidiaries with the department in charge of compliance support and audit.
As the head of the business management division (CMO), the current president of Shinhan Capital, Heo Young-taek, moved to a holding company and was newly appointed as vice president.
The group’s core project, ESG (environmental, social, governance) management, was also reorganized to accelerate management. The Group Strategy and Sustainability Division (CSSO) plans to establish an ESG planning team under its subsidiary to increase the concentration on the group’s overall ESG strategy. Sung-Hyun Park, Managing Director, who has previously played the role of CSSO, was selected as the vice president as CSSO.
In addition, compliance officer Wang Ho-min and audit team leader Kim Seong-ju were upgraded to vice presidents respectively.
Along with this, a group big data division will be established to take charge of the big data business from a group perspective, such as preoccupying the upper hand in data competition such as my data and minimizing inefficiency caused by promotion by subsidiary.
Kim Hye-joo, who was recently recruited by Shinhan Bank, will be appointed as the head of the big data division (CBO) serving as a holding-bank and will be in charge of establishing the group’s big data strategy and discovering joint projects. Hye-ju Kim, the first generation data scientist in Korea, is a big data expert with extensive data analysis experience in various industries such as manufacturing and telecommunications, and is the first female executive to be elected since the establishment of the holding company.
In addition, among the concurrent business group heads, Jang Dong-gi, GMS business group leader, was recommended to reappoint. Shinhan Bank Headquarters Geun-soo Jeong and Headquarters Shin-Tae Kang were also selected as GIB Business Group Heads and Global Business Group Heads, respectively.
The term of office for those recommended on this day begins on January 1, 2021. The candidates for the subsidiary’s representative director appointed by the Self-Defense Committee will be selected at the general shareholders’ meeting and the board of directors after verification of qualification requirements and suitability by the executive candidate recommendation committee for each subsidiary.
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