This Year, CEO Terms Expire at 4 Card Companies... Shinhan and KB Kookmin 'Reappointed', Woori 'New Appointment'

Lim Young-jin and Lee Dong-chul Reappointed as Presidents for 2 Years and 1 Year Respectively
Kim Jung-gi Newly Appointed as Vice President of Woori Financial Group

[Asia Economy Reporter Ki Ha-young] As the personnel season approaches, the reappointment of credit card company CEOs whose terms end at the end of this year is being decided one after another. Due to concerns over the worsening business environment caused by the COVID-19 pandemic, personnel moves focused on organizational stability are being made.

According to the industry on the 19th, each financial holding company held subsidiary management committees to recommend candidates for subsidiary CEOs. Shin Young-jin, President of Shinhan Card, and Lee Dong-cheol, President of KB Kookmin Card, were confirmed for reappointment, and Kim Jung-gi, Vice President of Business Management Division at Woori Financial Group, was newly appointed as CEO of Woori Card.

The CEOs whose terms expire this year at credit card companies are Shin Young-jin of Shinhan Card, Lee Dong-cheol of KB Kookmin Card, Jung Won-jae of Woori Card, and Lee Dong-myeon of BC Card. Jang Kyung-hoon, President of Hana Card, is also approaching the end of his term in March next year.

President Shin Young-jin was reappointed for two years at the subsidiary management committee held on the 17th. With this reappointment, he will lead Shinhan Card for the fifth year since his first term began in 2017. Despite the difficult business environment across the card industry, including merchant fee reductions and market entry by big tech companies, his achievement in solidifying the industry's top position was recognized. In the third quarter of this year, Shinhan Card recorded a cumulative net income of 470.2 billion KRW, maintaining its number one position in the industry. This figure represents a 14.4% increase compared to the same period last year. Profitability was enhanced through diversification of the business portfolio, including installment finance, leasing, long-term rental brokerage fees, and expansion of new financial products. Additionally, the company is accelerating its entry into future core businesses such as MyData and MyPayment.

Lee Dong-cheol, President of KB Kookmin Card, was also confirmed for a one-year reappointment at the subsidiary CEO candidate recommendation committee on the 18th. President Lee, who took office in 2018 and has led KB Kookmin Card for three years (2+1), will continue to serve until next year. He received favorable evaluations for improving performance through business diversification such as overseas expansion and expansion of automobile installment financing. KB Kookmin Card's cumulative net income for the third quarter was 255.2 billion KRW, a 1.7% increase compared to the previous year. In the first quarter of this year, KB Kookmin Card surpassed Samsung Card to rank second in the credit sales market share for the first time in nine years. The company is also achieving results in digital transformation, including the introduction of next-generation systems and the launch of KB Pay.

At Woori Card, Jung Won-jae, who led the company for three years, stepped down, and Kim Jung-gi, Vice President of Business Management Division at Woori Financial Group, was appointed as the new CEO. Woori Financial held a subsidiary CEO candidate recommendation committee on the 18th and recommended candidates for four subsidiaries, including Woori Card. Vice President Kim, who previously served as head of Woori Bank division, is evaluated as having excellent planning skills and leadership. This year, he was responsible for subsidiary management at the holding company.

Lee Dong-myeon, President of BC Card, will be decided through CEO and executive personnel changes conducted by the parent company KT. Since President Lee took office in March this year, reappointment is highly likely; however, due to the business structure focused on payment agency services, performance improvement is required as the company recorded negative growth due to COVID-19.

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