The common keyword for the year-end CEO appointments of financial holding subsidiaries has been gathered as 'stability.' Amid increasing uncertainty in the internal and external management environment, major financial holding companies have leaned towards reappointing verified leadership rather than changing their words.
On the 16th, KB Financial, which conducted CEO appointments for six subsidiaries, set 'maintenance' as the default value in its personnel changes. KB Financial held a meeting of the Candidate Recommendation Committee for the Representative Directors of Affiliates (Daechuwi) and recommended CEO candidates for seven individuals from six affiliates whose terms are expiring.
They re-recommended five CEO positions including KB Securities' WM division, KB Insurance, KB Asset Management, KB Capital, and KB Real Estate Trust. They entrusted management rights once again to CEOs whose performance and risk management results have been confirmed. In particular, it is analyzed that they prioritized management continuity by maintaining the leadership of key non-bank affiliates amid ongoing risks from PF, real estate, and interest rate fluctuations.
Changes were limited to a few. For the IB division of KB Securities, they recommended Kang Jin-doo, head of the Management Planning Group at KB Securities (Vice President), and for KB Savings Bank, they recommended Kwak San-eop, head of the Personal Customer Group at KB Kookmin Bank (Senior Vice President), as new candidates.
Prior to this, on the 5th, Shinhan Financial Group also emphasized stability over change in its CEO appointments for subsidiaries.
For Shinhan Life, they appointed Cheon Sang-young, Vice President (CFO) of Shinhan Financial Group, and for Shinhan Asset Management, they appointed Lee Seok-won, former head of the Strategy Division of the National Pension Service's Fund Management Headquarters, as new appointments.
Shinhan Asset Trust and Shinhan EZ Insurance maintained the existing system. Compared to last year when they replaced nine out of fourteen subsidiaries at once, this year is evaluated as having slowed the pace of change in line with the reappointment of Chairman Jin Ok-dong and the stabilization of the management environment.
Hana Financial Group, on the 6th, announced its CEO appointments for subsidiaries under the banner of 'leaping forward with stability.'
Among the seven subsidiaries whose terms are expiring, they reappointed the CEOs of six. The representatives of Hana Securities, Hana Life Insurance, Hana Asset Trust, Hana Alternative Investment Asset Management, Hana Financial TI, and Hana Insurance all retained their positions. The only change was at Hana FN&I, where Lee Eun-bae, Vice President of Hana Bank, was recommended as the new representative candidate.
Most of the reappointed CEOs are individuals who have already been evaluated through performance rebounds or risk management results since taking office, indicating a judgment to maintain the current trend amid increasing volatility in the financial market.
Now, the remaining financial holding CEO appointment is only for Woori Financial. With more than half of the CEOs' terms expiring and the final candidate recommendation for the chairman not yet completed, it remains uncertain.
Among the 16 affiliates of Woori Financial, the terms of ten CEOs will end by the end of this year. Major affiliates such as Woori Investment & Securities, Woori Financial Capital, and Woori Asset Management are included in the personnel changes.
However, all of the expiring CEOs were appointed by the current Chairman Lim Jong-ryong. If Chairman Lim succeeds in reappointment, it is expected that the focus will be on retaining rather than large-scale changes for the stable operation of the second-term system.
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