Lee Seok-yong Appointed as Next NongHyup Bank President... Kwon Jun-hak Replaced

NongHyup Financial Holds Nomination Committee Meeting, Completes CEO Recommendations for 4 Subsidiaries
Lee Seok-yong, Former Key Executive at NongHyup Central Association Headquarters, Among Candidates

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] Lee Seok-yong, Head of Planning and Coordination at the National Agricultural Cooperative Federation (NACF), has been appointed as the next president of NongHyup Bank. The current president, Kwon Jun-hak, who was expected to be reappointed, will lead the organization only until the end of his term this year.

NongHyup Financial Group announced on the 22nd that it held an executive candidate recommendation committee meeting and completed the recommendation process for the CEOs of four subsidiaries, including NongHyup Bank.

Lee, born in 1965, was appointed as the president of the key subsidiary, NongHyup Bank. Since joining NACF in 1991, Lee has held major positions such as Head of Planning and Coordination at NACF, Head of Sales at NongHyup Bank, and Secretary General of the Board at NongHyup Financial Group, and is recognized as a “convergent leader” with extensive field experience.

President Kwon, whose reappointment was highly anticipated, will step down at the end of his original term this year following the decision to replace him. Recently, with the change of the chairman of NongHyup Financial Group, there was speculation about extending Kwon’s term to avoid organizational instability if both the chairman and the bank president were replaced simultaneously. Except for former president Lee Dae-hoon, who took office in 2018, most bank presidents have stepped down after completing one term.

In addition, NongHyup Financial Group recommended Yoon Hae-jin, Head of the Trust Division at NongHyup Bank, as CEO of NongHyup Life Insurance; Seo Ok-won, Head of Marketing Strategy at NongHyup Life Insurance, as CEO of NongHyup Capital; and Kim Hyun-jin, Managing Director at Kolon Investment, as CEO of NH Venture Investment. Outside director Lee Jong-baek, whose term ends this month, was reappointed.

They will be officially appointed after the shareholders’ meetings of each company, with terms running from January 1, next year, to December 31, 2024, for a total of two years.

NongHyup Financial Group formed the executive candidate recommendation committee on the 14th of last month to appoint the holding company chairman and subsidiary CEOs. In accordance with internal regulations requiring the final candidate recommendation process to be completed within 40 days of the committee’s formation, the appointments were finalized on this day. The deadline for completing appointments was the 23rd.

The committee stated that over the past month, candidates were shortlisted and final candidates selected through in-depth interviews, focusing on comprehensive management capabilities, expertise, and field sales experience.

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