Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Shinhan DS CEO to direct group's digitization
Shinhan DS CEO Sunny Yi
By Park Jae-hyuk
By Park Jae-hyuk
Shinhan DS is set to become the control tower for Shinhan Financial Group's entire digital strategies, after the head of the group's IT service unit was nominated as the group's new chief digital officer (CDO), according to industry officials, Monday.
Sunny Yi, who was recommended as Shinhan DS CEO in the group's recent reshuffle of top executives, is expected to concurrently hold the position of group CDO.
The position has been held by the group's chief strategy officer so far.
Shinhan said a decision will be made at a forthcoming board meeting in February.
“Chairman Cho Yong-byoung ordered Shinhan DS to devise digital strategies for the entire group and develop a better digital platform,” a Shinhan Financial Group spokesman said. “The chairman therefore sent specialists, such as Sunny Yi and Cho Young-suh, to Shinhan DS.”
Yi, who managed Accion as the consulting firm's founder before joining Shinhan in January 2019, served as the regional head of Bain & Company and AT Kearney. Cho, a former finance ministry official, worked at McKinsey & Company and Bain & Company before joining Shinhan in 2017.
Before the latest reshuffle, Shinhan DS was considered to be a “minor subsidiary,” so the transfer of Yi and Cho was temporarily regarded by some observers as a “demotion of outsiders.”
The Shinhan chairman, however, has been trying to reform the group by shaking up the hierarchy among subsidiaries and giving support to the digital transformation.
Yi shared the chairman's view, promising in his inauguration ceremony that Shinhan DS will lead the group's digitization.
According to industry officials, Yi will likely lead the group's “D-talk” consultative body comprised of the group's executives in charge of digital strategies.
The consultative body was led by the Shinhan chairman in 2019.
It has made the group's key decisions, such as the withdrawal from a bid for the third internet-only bank license and establishment of Shinhan AI.
Starting this year, the chairman will attend the D-talk meeting once a quarter, as the group CDO will preside over the meeting, according to industry officials.