Shinhan Financial Group Recommends Reappointment of CEOs at 9 Affiliates: "Don't Change Generals During War"

Jin Ok-dong Chairman "Message of 'Responsible Management' Through Reappointment"

All nine subsidiary CEOs of Shinhan Financial Group, whose terms are about to expire, have been recommended for reappointment.

On the afternoon of the 19th, Shinhan Financial Group held a subsidiary CEO candidate recommendation committee (hereinafter referred to as the Subsidiary Recommendation Committee) and an extraordinary board meeting at its headquarters on Sejong-daero, Seoul, to recommend candidates for subsidiary presidents and carry out personnel appointments for the holding company’s management. The Subsidiary Recommendation Committee decided to reappoint all nine subsidiary CEOs.

Jin Ok-dong, Chairman of Shinhan Financial Group. Photo by Dongju Yoon doso7@

Chairman Jin Ok-dong stated, "By reaffirming the subsidiary CEOs whose performance and capabilities have been verified, we need to create an environment where CEOs can pursue bold innovation from a mid- to long-term perspective without being preoccupied with short-term results." He added, "Just as the saying goes, 'Do not change generals in the middle of a war,' it is necessary to send a clear message about responsible management through reappointment rather than replacement."

The CEOs recommended for reappointment are ▲ Kim Sang-tae, President of Shinhan Investment Corp. ▲ Jung Woon-jin, President of Shinhan Capital ▲ Cho Jae-min, President of Shinhan Asset Management ▲ Park Woo-hyuk, President of Jeju Bank ▲ Lee Hee-soo, President of Shinhan Savings Bank ▲ Cho Kyung-sun, President of Shinhan DS ▲ Jung Ji-ho, President of Shinhan Fund Partners ▲ Kim Ji-wook, President of Shinhan REITs Management ▲ Lee Dong-hyun, President of Shinhan Venture Investment.

In particular, Presidents Kim Sang-tae and Cho Jae-min were given a two-year term, breaking the precedent of a one-year reappointment term. Shinhan explained that this measure is intended to avoid pursuing short-term performance and to strengthen the group’s capital market capabilities from a mid- to long-term perspective.

The recommended CEO candidates will undergo qualification and suitability verification by each subsidiary’s executive candidate recommendation committee and will be finally appointed through the general shareholders’ meeting and the board of directors.

Additionally, Shinhan Financial Group reorganized its organizational chart by integrating 11 divisions into four divisions?Group Strategy, Group Finance, Group Operations, and Group Consumer Protection?to enhance organizational collaboration and expedite decision-making. Part organizations were newly established within each division. In this process, Cheon Sang-young, Head of Shinhan Financial Group, was newly appointed as Head of Group Finance Division, and Kim Ji-on, Head of Shinhan Bank, was newly appointed as Head of the Audit Part. Among the executives whose terms end at the end of this year, Lee In-gyun, Head of Group Operations Division, and Bang Dong-kwon, Head of Group Risk Management Division, were reappointed as Head of Group Operations Division and Head of Risk Management Part, respectively.

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