Photo = Yonhap news

[Alpha Biz= Reporter Kim Jisun] As the terms of major bank CEOs near expiration, the upcoming leadership changes in South Korea's top banks are expected to become clear starting this week.

According to the financial sector on November 24, the terms of the CEOs of the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) will all end on December 31. As a result, Woori and KB Kookmin Banks are expected to announce their next CEO candidates by the end of this month, while Shinhan, Hana, and NH Nonghyup are expected to announce theirs by mid-next month.

Woori Bank's CEO, Cho Byung-gyu, is anticipated to be replaced due to the fallout from a 40 billion KRW improper loan case involving relatives of former Woori Financial Group Chairman Son Tae-seung. Woori Financial's board members reportedly agreed at a regular meeting on November 22 that Cho’s reappointment would be difficult. Although Cho was not directly involved in the illegal loans, he became a criminal suspect for allegedly delaying the report to financial authorities after becoming aware of the wrongdoing.

Potential candidates for the next CEO of Woori Bank, set to be announced later this month, include Park Jang-geun, the bank’s risk management group vice president; Yoo Do-hyun, the management planning group vice president; and Jeong Jin-wan, the SME group executive vice president.

NH Nonghyup Bank CEO, Lee Seok-yong, is also expected to be replaced. NH Nonghyup generally does not reappoint its CEOs, and the bank has been criticized for multiple financial incidents this year.

On the other hand, the CEOs of KB Kookmin, Shinhan, and Hana Banks—Lee Jae-geun, Jeong Sang-hyeok, and Lee Seung-yeol, respectively—are all considered likely candidates for reappointment due to their solid business performance. Each bank is expected to announce their next CEO candidates between this week and mid-next month.

 

 

 

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