NongHyup Financial to Launch Chairman Appointment Committee as Early as Next Week... Will Chairman Kim Kwangsoo Be Reappointed?

[Asia Economy Reporter Kwon Haeyoung] NH Nonghyup Financial Group is expected to begin the process of selecting the next chairman around the time of appointing the new NH Nonghyup Bank president. There are also expectations that the work for appointing the chairman could officially start as early as next week.

According to the financial sector on the 5th, Nonghyup Financial held an Executive Candidate Recommendation Committee (ECC) meeting yesterday and began the procedure for appointing a new NH Nonghyup Bank president.

A Nonghyup Financial official said, "The ECC for selecting the Nonghyup Financial chairman is likely to be activated after the appointment of the NH Nonghyup Bank president is completed," adding, "It is expected that the process for selecting the next Nonghyup Financial chairman will proceed immediately after the NH Nonghyup Bank president is appointed by mid-month."

Following the sudden resignation of NH Nonghyup Bank President Lee Daehoon on the 3rd, Nonghyup Financial activated the ECC to start the process of appointing a new bank president. The process involves narrowing down the shortlist of candidates for the next NH Nonghyup Bank president, conducting interviews with the candidates, and recommending one final candidate to the bank’s ECC.

Nonghyup Financial is also expected to soon activate the ECC for selecting the next chairman, as the term of Chairman Kim Kwangsoo ends on the 28th of next month. According to Nonghyup Financial’s internal regulations, the ECC for appointing the next chairman must begin 40 days before the expiration of the current term. While the chairman appointment process is likely to start after the NH Nonghyup Bank president is appointed by mid-month, due to the tight schedule, there is speculation that the ECC for the chairman selection could officially begin as early as next week.

The financial sector is paying close attention to whether Chairman Kim will be reappointed. The appointment of the Nonghyup Financial chairman is inevitably influenced by the election of the new Nonghyup Central Association chairman. However, since the Nonghyup Financial chairman has traditionally been an external figure rather than an internal Nonghyup member, and considering the precedent where former Nonghyup Financial Chairman Kim Yonghwan was granted an additional one-year term after a two-year term, there is analysis suggesting a high possibility of Chairman Kim’s reappointment.

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