KB, Hana and Woori Financial Group have begun the process of selecting chief executives for their main subsidiaries, including their banking units.
The three groups each convened nomination committees on the 30th to pick candidates for chief executive posts at key affiliates, according to financial industry sources. Shinhan Financial Group and NH Nonghyup Financial Group are also carrying out CEO succession procedures.
Hana Financial Group started succession procedures for six major affiliates, including Hana Bank, Hana Securities and Hana Card. The group plans to narrow the field to no more than three finalists per company by the end of October and recommend a single candidate in early December. Starting this year, Hana Bank's own nomination committee has also been given expanded authority to weigh in on the final pool of candidates for the bank's chief executive post, which is selected by the holding company's committee. Woori Financial Group also added new steps to its bank nomination committee process, including a review of management performance.
The terms of the heads of the country's major commercial banks — Lee Hwan-joo of KB Kookmin Bank, Jung Sang-hyuk of Shinhan Bank, Lee Ho-sung of Hana Bank and Jeong Jin-wan of Woori Bank — all expire at the end of the year. Attention is focused on whether the selections will be affected by the Financial Supervisory Service, which has been pressing lenders to make succession procedures for subsidiary chief executives more transparent.
