Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
NH's new leader reshuffles management
By Kim Bo-eun
Lee Dae-hoon
By Kim Bo-eun
The leaders of NongHyup Financial Group's affiliates are set to be replaced, after a reshuffle by the National Agricultural Cooperation Federation's (NACF) new chief.
On Jan. 31, Lee Sung-hee was elected new chairman of the NACF, which holds 100 percent of the shares of NongHyup Financial Group. The financial group is the only one of its kind in Korea to be wholly owned by another entity.
NongHyup Bank's former CEO Lee Dae-hoon voluntarily offered to resign Tuesday. He had been the first head of the lender to begin a third term at the bank, as previous CEOs of NongHyup Financial Group's affiliates served a maximum of two terms. Lee started his third term two months ago.
A NongHyup Bank official said the reshuffle was a “personal decision by Lee,” but acknowledged that the decision took place under the NACF's leadership change.
The group held a committee meeting Wednesday to discuss the agenda for selecting Lee's successor.
“The process takes about 40 days,” the official said.
NongHyup Life Insurance CEO Hong Jae-eun and NongHyup Property & Casualty Insurance CEO Choi Chang-soo have also expressed their intentions to resign. It is possible, however, that they will remain in their positions, as both CEOs are still far from the end of their official terms. Hong began his second term this year, and Choi was appointed to his position last December.
Kim Gwang-soo
NongHyup Financial Group Chairman Kim Gwang-soo's term comes to an end in April. The group's committee on forwarding candidates for the position will likely start working this month.
Based on the group's surge in earnings under his leadership, there are some expectations that Kim may serve an additional term.
NongHyup Financial posted 1.78 billion won in net profit last year ― up 46 percent from 2018 and the group's greatest profit rise in its history.
In 2018, the group surpassed 1 trillion won in net profit. Kim assumed his position in April 2018.
Some experts predict that the group's performance may shake up the rankings of the top financial firms here.