Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Shinhan Bank nominates second-in-command to fill leadership vacuum
By Yi Whan-woo
Shinhan Bank President and CEO nominee Jung Sang-hyuk
By Yi Whan-woo
Shinhan Bank said Wednesday that Deputy President Jung Sang-hyuk has been nominated as its new president and CEO, replacing Han Yong-gu, who abruptly resigned on Monday a little more than a month after taking office.
“The nomination of Jung is aimed at minimizing the leadership vacuum at the bank, given the importance of the flagship affiliate in Shinhan Financial Group and the overall financial market,” the lender said.
Jung will be officially appointed for the job if he receives the endorsement of the banking group's executive recommendation committee and shareholders. The confirmation process is expected to take about a week.
Jung, 58, climbed his way from the bottom of the ladder after joining Shinhan Bank in 1990.
He served in key positions at Shinhan Bank, building expertise in sales, customer satisfaction and strategic planning before being promoted as the firm's deputy president in January 2021.
As a deputy president, Jung has been responsible for funding capital and risk management, which the bank said were “crucial at a time when uncertainties increasingly loom over the financial market.”
The bank said the nominee was especially noted for suggesting a strategic vision through 2030 and leading corporate restructuring on the firm's path to nurture growth engines for the past two years.
The lender said the nomination process was abrupt, but was not difficult as it already had sufficient data on a pool of potential candidates.