Shinhan financial Holdings preferred stability in its personnel reshuffle of CEOs at key affiliates recently. The mother company of Shinhan Financial Group said its Affiliate Management Committee submitted its candidate list for CEOs of affiliate firms to the Affiliate CEO Candidate Recommendation Committee.
Six affiliate CEO terms expire at the end of the month, and all of them except President Lee Dong-dae of Jeju Bank have been retained to serve another term, including Lee Bung-chan of Shinhan Life Insurance Co., President Min Jung-ki of Shinhan Parisbas Asset Management Co., President Seol Young-oh of Shinhan Capital, President Kim Young-pyo of Shinhan Savings Bank, and President Lee Shin-ki of Shinhan Aitas Co. Vice President Suh Hyun-joo has been designated to take over as president of Jeju Bank.
Officials of Shinhan Financial Holdings said the major goal of the affiliate CEO personnel reshuffle has been focused on the success of the “2020 Smart Project,” with most of the CEOs who worked together to develop the project last year were renamed depending on the performance results and the capacities shown in the management of their companies.
Chairman Cho Yong-byung of Shinhan Financial Group let the 2020 Smart Project developed as part of the strategy to achieve the vision of the group becoming Asia’s leading financial group in 2020, an official of the Personnel Dep’t. said.
He said the full lineup to work toward the achievement is now finalized.
The office terms for CEOs of the affiliates are for two years, with another optional year depending on the circumstances, such as performance results or special contributions made by CEOs during their terms of office.
President Lee Dong-dae of Jeju Bank has not been retained. His term of office ended this year, having been appointed in 2014.
President Suh Hyun-joo, his successor, is a retail banking expert, having served as the marketing planning team head, personal banking team head, and the marketing group head while with Shinhan Bank.
The bank will take charge of Changdo Project, which will require a wide range of experience for retail banking and professional expertise, which he has.
Meanwhile, Shin Dong-min, legal head of Shinhan Bank Vietnam, has been promoted to director, while Lim Bo-hyuk has been named as vice president of Shinhan Life Insurance. All of the affiliate CEOs await shareholder approval by their respective companies before the moves become official.
“Last year, as part of our efforts to realize Shinhan’s vision, we launched Project 2020 to reach our mid-term goal of becoming Asia’s leading financial group by 2020,” the company said.
“Consequently, we expanded GIB, Global, and other business divisions, launched Shinhan REITs Management, and built a strong, balanced foundation for growth.
We acquired ANZ Vietnam’s retail division, received approval for a local branch in Mexico, implemented a Country Head system to promote inter-regional cooperation, and more. “Through diversified methods of growth and bold innovations to our business model, we expanded our global network to 171 offices in 20 countries, and carried out a swift glocalization process.”
The company also established a Group-wide digital response system and partnered with leading ICT companies in Korea and abroad, including Amazon and LG U+, as well as nonbanking operators like GS Retail to upgrade to Digital Shinhan. In the process, Shinhan made meaningful strides in fostering an innovative business environment.
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