Kim Ji-wan BNK Financial Chairman 'Reappointed'... Subsidiary CEOs One-Shot Personnel Announcement Expected

Highly Rated for Group Stability Since September 2017 Inauguration
Oldest Chairman of Major Financial Holding Companies

[Asia Economy Reporter Kim Min-young] Kim Ji-wan, chairman of BNK Financial Group, has been reappointed.

BNK Financial Group held a board meeting on the 6th and announced that Chairman Kim was confirmed as the next candidate for CEO and chairman.

According to BNK Financial, the holding company's Executive Candidate Recommendation Committee (ECRC) conducted a comprehensive review including management performance, capabilities, and qualification suitability, as well as reputation checks from external advisory agencies, and unanimously recommended Chairman Kim as the final candidate.

Earlier, on the 22nd of last month, the holding company's ECRC decided to initiate the CEO succession process, discussed candidate recommendation principles, finalized the candidate pool, and future procedures and schedules, then selected five first-round candidates through document screening on the same day.

Subsequently, on the 31st of last month, an orientation was held for the five first-round CEO candidates, followed by a presentation evaluation on the 4th and an interview evaluation on this day.

The ECRC evaluated Chairman Kim, stating, "Since his inauguration in September 2017, he has quickly stabilized the organization by improving the group’s governance structure and spreading a corporate culture that values basics and principles through communication with employees." They added, "By focusing on restructuring the group’s business portfolio centered on non-bank and non-interest sectors, he strengthened the foundation for the group’s sustainable growth."

Chairman Kim took office amid a turbulent atmosphere following former Chairman Sung Se-hwan’s legal imprisonment on charges including stock price manipulation and hiring irregularities. Despite being an external appointee and elderly (currently 74 years old), he is evaluated to have quickly stabilized the holding company based on his long experience in the financial sector. Chairman Kim is the oldest among major financial holding company chairmen.

The ECRC also stated, "It was judged that Chairman Kim’s reappointment is necessary to enhance corporate and shareholder value through achieving the group’s mid- to long-term management plans," as the reason for his selection.

Jung Ki-young, chairman of the ECRC, said, "In accordance with the CEO succession plan, we held five ECRC meetings to recommend the final candidate through a fair and transparent process. After reviewing various documents such as candidates’ careers and management performance, we conducted interviews on topics including the group’s future vision, leadership and organizational management capabilities, and ethical management, and recommended the results to the board."

Chairman Kim’s reappointment will be finalized after approval at the regular shareholders’ meeting next month, with a term of three years.

With Chairman Kim’s reappointment confirmed, it is expected that personnel appointments for subsidiary CEOs will also accelerate. The terms of seven subsidiary CEOs, including Busan Bank, Gyeongnam Bank, BNK Capital, and BNK Savings Bank, expire at the shareholders’ meeting next month. The holding company plans to quickly select candidate pools, recommend them to each subsidiary’s board, and conduct a one-shot personnel appointment at the shareholders’ meetings.

This content was produced with the assistance of AI translation services.