Shinhan Financial Group Appoints 10 Subsidiary CEOs... First Female CEO Emerges (Comprehensive)

Jakyungwi Meeting Held... 6 New Appointments and 4 Reappointments Recommended
Expanded CEO Replacement Scope... Next-Generation Leaders Selected
CEO Composition from Openness and Innovation Perspectives... Ensuring Diversity

[Asia Economy Reporter Kwangho Lee] Lee Young-chang, President of Shinhan Financial Investment, who contributed to performance improvement, has been reappointed. Shinhan Asset Management will introduce a co-CEO system by dividing into 'traditional assets' and 'alternative assets' sectors. For the first time in the group's history, a female CEO has been appointed.

On the 16th, Shinhan Financial Group held a Subsidiary Management Committee (SMC) and an extraordinary board meeting, announcing the appointment of six new subsidiary CEO candidates and recommending the reappointment of four.

The SMC and the board of Shinhan Financial Group focused on building a 'next-generation management' lineup equipped with rich experience, high expertise, and strong execution capabilities to rapidly enhance the group's competitiveness in the capital markets sector, a future growth engine. They also emphasized customer-centric sustainable growth and strengthening digital competitiveness, engaging in in-depth discussions and verification.

Recruitment of External Experts to 'Strengthen Capital Market Competitiveness'

As a result, Lee Young-chang, who has led Shinhan Financial Investment since March last year, was recommended for reappointment. He was recognized for his achievements in strengthening the internal control system and revitalizing the organization and workforce.

Under the clear vision of 'restoring trust as an investment powerhouse,' President Lee has consistently pursued internal organizational reforms to enhance market competitiveness. He also plans to actively participate in the capital market competition by recruiting head-level personnel who can change the market landscape in areas such as IB.

Shinhan Asset Management, which will be reborn as a comprehensive asset management company through integration with Shinhan Alternative Investment early next year, will introduce a co-CEO system by dividing into traditional and alternative asset sectors.

For the traditional asset sector, Jo Jae-min, former President of KB Asset Management with 20 years of CEO experience in asset management firms, was newly appointed. Jo is recognized for his excellent market insight and outstanding talent discovery and development capabilities, having grown KB Asset Management into a 'house of value investing.' He is considered suitable for strengthening the group's capital market capabilities. Notably, Jo is a veteran CEO who has experienced both single and co-CEO systems, making him the most suitable candidate to generate synergy through collaboration with the alternative asset sector after integration.

For the alternative asset sector of the integrated asset management company, Kim Hee-song, President of the existing Shinhan Alternative Investment, was recommended for reappointment. Kim was appointed CEO at the founding of Shinhan Alternative Investment 17 years ago and has grown it into a specialized small and medium-sized alternative investment company through various deal sourcing, including overseas real estate. After integration, he plans to lead synergy creation between traditional and alternative sectors by diversifying the product lineup utilizing the characteristics of the alternative sector.

Shinhan REITs Management appointed Kim Ji-wook, Vice President of Shinhan Financial Investment and recognized as a next-generation IB leader within the group, as the new CEO.

Additionally, subsidiary companies in the capital market sector, Asia Trust and Shinhan AI, were recognized for their continuous growth based on expertise, leading to the reappointment of President Bae Il-gyu and President Bae Jin-su.

A Shinhan Financial Group official explained, "Recently, the group has expanded its business line portfolio from bank and card-centered structures to include the launch of Shinhan Life and the acquisition of Cardif General Insurance. Following last year's appointment of Lee Young-chang as President of Shinhan Financial Investment, and now Jo Jae-min as President of Shinhan Asset Management, we have secured competitiveness in the capital market sector, a future growth engine of the group, by appointing CEOs with rich market experience and outstanding expertise."

First Female CEO in the Group... Appointment of a CEO Born in 1969

Shinhan DS, a digital and ICT specialized company, appointed Jo Kyung-sun, Vice President of Shinhan Bank, as the group's first female CEO. Jo is praised for her extensive experience in customer marketing and business process improvement using digital technology, having served as head of the bank's digital personal division. She is a member of the first recruitment class of Shinhan Bank and completed the first course of 'Shinhan She-roes,' the financial sector's first female leader development program.

The terms of the recommended personnel will begin on January 1, 2022. The subsidiary CEO candidates nominated by the SMC will undergo verification of qualifications and suitability by each subsidiary's executive candidate recommendation committee, followed by final appointment at each company's general shareholders' meeting and board of directors.

Meanwhile, the holding company's executive personnel changes replaced all next-generation talents with experience and expertise in each area for the group's core strategic execution posts: Strategy & Sustainability (CSSO), Finance (CFO), and Digital (CDO).

For the group's CSSO, Ko Seok-heon, head of the current management team who led the integration of Shinhan Life, Asia Trust, and Shinhan Venture Investment PMI, with deep understanding of issues in insurance and capital markets sectors and active support for inter-group collaboration, was appointed as executive director.

Lee Tae-kyung, currently head of Shinhan Vietnam, was appointed as the group's CFO, responsible for group financial planning, capital management, and IR. Kim Tae-yeon, a certified accountant with expertise in finance, accounting, and taxation, was newly appointed as executive director of the newly established accounting division within the group's finance sector.

Shinhan Financial Group decided to reorganize the 'Group Digital Governance' for customer-centric digital innovation through collaboration with external consulting firms and plans to implement related organizational restructuring. Under the group CDO, the Digital Strategy Team and Digital Promotion Team will be separately established to actively support setting the group's digital direction and strategy formulation, managing key digital tasks by group companies, and systematizing collaboration among group companies.

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