Kim Daehwan Appointed CEO of Samsung Card... "Will He Capture Both Profitability and Digital?"

Holding General Meeting and Board Meeting on the 19th
Officially Appointed as CEO

[Asia Economy Reporter Ki Ha-young] Kim Dae-hwan, Vice President of Samsung Card, has officially taken office as CEO. Attention is focused on whether he can maintain the industry's second-place position amid the overall decline in profitability in the card industry.

On the 19th, Samsung Card held its 37th regular shareholders' meeting and passed a resolution to appoint Vice President Kim as an inside director. At the board meeting held after the shareholders' meeting, Kim was appointed as CEO. Earlier in January, following the resignation of President Won Ki-chan, Samsung Card held an executive nomination committee and recommended Kim Dae-hwan, Vice President of Samsung Life Insurance, as the successor CEO.

The newly appointed CEO Kim is a financial management expert who has served as an executive in charge of Samsung Life Insurance's Marketing Strategy Group, Head of the Management Innovation Group, and Chief Financial Officer (CFO). Samsung Card stated when recommending Kim, "We expect him to accelerate the company's digital transformation with fresh strategies and bold innovation."

As the new head of Samsung Card, CEO Kim is expected to maintain Samsung Card's existing strategies such as profitability-centered business restructuring and digital innovation. Samsung Card said on the day, "We will secure the constitution and capabilities to respond to uncertainties and environmental changes in the card industry and turn crises into growth opportunities."

To this end, the company plans to ▲ continuously expand the member base ▲ strengthen data analysis capabilities and digital technologies ▲ provide differentiated value through discovering various services beyond payments and finance ▲ expand the business ecosystem through open collaboration ▲ ensure stable and proactive risk management ▲ build an agile organizational culture and realize co-growth with society, striving to make this year a year of new leap forward.

Meanwhile, last year, Samsung Card was praised for performing well despite difficult business conditions, such as lowering merchant fees, by boldly reducing high-cost, low-efficiency marketing and cutting costs. In fact, last year's net profit reached 344.1 billion KRW, a 0.3% decrease compared to the previous year.

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