NongHyup Bank CEO to serve third term

By Kim Bo-eun

NongHyup Bank CEO Lee Dae-hoon

NongHyup Bank CEO Lee Dae-hoon is set to become the first chief executive of the lender to serve three terms.

Up to now, the heads of NongHyup Financial Group's affiliates had only served a maximum of two terms.

At the group's recommendation committee meeting held Monday, Lee was forwarded as the only candidate for the position.

"Procedures remain, but he will likely retain the CEO post," a NongHyup Bank official said.

Lee, who was appointed CEO in December 2017, will serve through 2020.

Analyst say Lee was seen as a shoe-in because of the bank's record earnings under his leadership.

The lender's net profit in 2017 stood at 652.1 billion won, but in 2018 jumped to 1.22 trillion won.

This was the first time the bank posted over 1 trillion won.

In the first three quarters of this year, NongHyup saw its net profit rise to 1.19 trillion won.

Lee is also seen to have laid the groundwork for the lender's digital transformation, as well as overseas expansion.

The final and fifth recommendation committee meeting for Lee's appointment will take place Friday.

The committee will interview Lee on the day and make a final decision, which will be subject to approval by shareholders.

NongHyup Life Insurance CEO Hong Jae-eun and NH Capital CEO Lee Koo-chan have also each been recommended for a second term.