Will the First Female CEO of a Major Domestic Bank Be Born?

Yoom Young-soon, Senior Executive Vice President of Korea Citibank

[Asia Economy Reporter Kim Min-young] Will the first female CEO of a domestic commercial bank be born?

As the next CEO of Korea Citibank is scheduled to be decided on the 7th, attention is focused on whether Yoo Myung-soon, the female Senior Deputy CEO, will be appointed as CEO.

According to the financial sector on the 3rd, Citibank will hold the 2nd Executive Candidate Recommendation Committee (ECRC) meeting on the 7th to finalize the CEO candidate.

At the first ECRC meeting on the 25th of last month, multiple candidates for the next CEO were selected. It is reported that the multiple candidates include Yoo, the current acting CEO and Senior Deputy CEO.

Born in 1964, Senior Deputy CEO Yoo is an expert in corporate finance (IB). She graduated from Ewha Womans University and joined Citibank in 1987, serving as head of the Large Corporate Risk Department, head of the Corporate Finance Product Division, and Deputy CEO of the Corporate Finance Product Division. In 2014, she was in charge of corporate finance at JP Morgan Seoul branch before returning to Citibank, where she currently leads the Corporate Finance Group.

There is a precedent of a female CEO in Kwon Sun-joo, former CEO of Industrial Bank of Korea. However, Industrial Bank of Korea is a policy bank, where the Financial Services Commission recommends and the President appoints the CEO.

Of course, there is also a possibility that the CEO will be an internal executive other than Senior Deputy CEO Yoo or a third-party external candidate.

Park Jin-hoe, the current CEO who served for six years since October 2014, has decided to retire. When the ECRC, attended by four outside directors and CEO Park, nominates candidates, the board of directors and shareholders' meeting are held sequentially to complete the appointment process. CEO Park also serves as the chairman of the bank's board of directors, which has the authority to approve the final candidate, so it is expected that Park's intentions will be greatly reflected in the selection of the next CEO.

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