NH Nonghyup Financial, Bank President Appointment Discussions... Possible Confirmation Within This Month
[Asia Economy Reporter Park Sun-mi] NH Nonghyup Financial is accelerating the appointment of the next bank president following the selection of Son Byung-hwan, the current NH Nonghyup Bank president, as the new chairman from within the organization.
According to financial circles on the 30th, NH Nonghyup Financial held a late evening meeting of the Executive Candidate Recommendation Committee (ECRC) the previous day to discuss the appointment of the next Nonghyup Bank president. This was the first ECRC meeting since the announcement of the management succession process on the 24th. The ECRC, composed of four outside directors, one non-executive director, and one inside director, reportedly discussed the pool of candidates for the next bank president during the meeting.
Since Son, who has been appointed as the financial holding company chairman, will begin his term on January 1 next month, the financial holding company aims to appoint the next bank president within this month to minimize any leadership gap. Accordingly, the NH Nonghyup Financial ECRC is likely to convene once more on the 31st to finalize the next bank president and expedite the appointment process through approval by the bank’s board of directors.
The candidates rumored for the next bank president position include Kwon Joon-hak, former vice president of Nonghyup Bank and current executive director of the Planning and Coordination Headquarters at Nonghyup Central Association; Kim Hyung-shin, vice president of NH Nonghyup Financial; and Jang Seung-hyun, senior vice president of Nonghyup Bank.
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An NH Nonghyup Financial official stated, "The appointment process for the bank president is gaining momentum," adding, "If the next bank president is confirmed by the ECRC within this month, the approval procedures by the bank’s board of directors and shareholders’ meeting are also likely to proceed immediately, minimizing any management vacuum."
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