'Generational Change' at Shinhan Financial Group... Attention on Subsidiary CEO Appointments Tomorrow

Shinhan Bank President Candidates Include 'Japan Expert' Jeon Pil-hwan Vice President and 'IB Specialist' Jung Woon-jin President

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group will appoint subsidiary chief executive officers (CEOs) on the 20th. Following Chairman Cho Yong-byeong's unexpected resignation and the nomination of Jin Ok-dong, CEO of Shinhan Bank, as the next representative director and chairman, Shinhan Financial has chosen a 'generation change,' suggesting a significant reshuffle in subsidiary CEO appointments.

According to financial circles on the 19th, Shinhan Financial Group will hold a Subsidiary Management Committee meeting on the 20th to discuss the appointment of subsidiary CEOs. Ten subsidiaries of Shinhan Financial, whose CEO terms expire at the end of this year, include Shinhan Bank, Shinhan Card, Shinhan Investment Corp., Shinhan Life, Shinhan Capital, Shinhan Asset Management, Shinhan Asset Trust, Shinhan Savings Bank, Shinhan Venture Investment, and Shinhan AI.

The Subsidiary Management Committee (SMC), a subcommittee within Shinhan Financial's board, consists of five members: Chairman Cho (chair), outside directors Park An-soon, Seong Jae-ho, Lee Yoon-jae, and Heo Yong-hak. Although Chairman Cho's influence is inevitably strong, given the leadership change, the intentions of the nominee Jin are expected to be significantly reflected. Previously, Chairman Cho stated regarding future personnel plans, "I will fully consult with President Jin to ensure the organization remains solid through personnel and organizational restructuring."

The greatest focus is on Shinhan Bank, the group's core. Since nominee Jin, who has already served a term, has been promoted to the next representative director and chairman, leadership change is a given. Industry insiders are strongly mentioning names such as Executive Vice Presidents Jeon Pil-hwan (Head of Digital Strategy Group), Park Seong-hyun (Head of Institutional Group), Jeong Sang-hyeok (Head of Management Planning Group), and Shinhan Capital President Jeong Un-jin.

Executive Vice President Jeon served as Osaka Branch Manager and Vice President of SBJ Bank, classifying him as a 'Japan expert' like nominee Jin. Vice President Park, known to be close to nominee Jin, is credited as a key figure in securing Seoul City's first and second treasury accounts. President Jeong is also recognized as an expert in the IB (Investment Banking) field. Executive Vice President Jeong, who served as nominee Jin's chief secretary, is highly regarded for his comprehensive understanding of bank management. President Jeong Un-jin also worked at the Tokyo branch and is considered a 'Japan expert.'

Shinhan Card, where CEO Lim Young-jin, the longest-serving CEO in the card industry, is approaching the end of his term, is also attracting attention. In financial circles, assuming Lim does not serve a fourth term, the name of Lee In-gyun, Chief Operating Officer (COO) of Shinhan Financial Group and former chief secretary to Chairman Cho, is being mentioned. Additionally, some executive vice presidents listed as candidates for Shinhan Bank CEO are also being considered as candidates for Shinhan Card president.

Financial circles expect that with ten subsidiaries facing term expirations and Shinhan Financial opting for leadership change, the scale of CEO replacements will be larger. A financial industry official said, "(Shinhan Financial) has used generation change as a rationale in the next chairman recommendation process, so the same approach is expected to be maintained in subsidiary CEO appointments," adding, "Starting with subsidiary CEO appointments, the scope of personnel changes will inevitably expand."

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