Hana, Woori speed up selection of new CEOs
By Yi Whan-woo
Hana Financial Group and Woori Bank are speeding up their respective efforts to pick their new CEOs, possibly within this month, according to sources familiar with the matter, Wednesday.
Hana Financial picked 11 nominees in early January and has shortlisted five candidates ― three internal and two external ― as of Jan. 28, any of whom could replace Chairman Kim Jung-tae, who is set to retire after a 10-year term.
The five shortlisted candidates are: Hana Financial Group Co-Vice Chairman Ham Young-joo, Hana Bank CEO Park Sung-ho, Hana Capital CEO Yoon Kyu-seon, former Bain and Company chief Lee Sung-yong and former Korea Investment Corp. Chairman Choi Hee-nam.
Hana Financial Group Co-Vice Chairman Ham Young-joo / Korea Times file
It is believed that the company will finalize its decision by Feb. 25 at the latest.
Woori Bank is among Woori Financial Group's eight affiliates that will each select a new chief in accordance with the results of the candidate recommendation committee meeting held on Jan. 27 and 28.
The bank is at the center of attention because it is the major business arm of the banking group.
The group shortlisted three candidates ― Woori Financial Group Senior Vice President Lee Won-duk, Park Hwa-jae, the executive vice president of Woori Bank's credit support unit and Jeon Sang-wook, the vice president of the bank's risk management unit.
The successful nominee is expected to be decided between Feb. 7 and 9, and will be officially appointed at the shareholders' meeting scheduled in March.
For Hana Financial Group, Co-Vice Chairman Ham Young-joo is touted as the strongest candidate, considering the fact that he worked for years with the outgoing chairman.
He is also credited for successfully merging the labor unions of Hana Bank and KEB, as their inaugural CEO, after the two lenders merged in 2015.
He is behind the banking group having posted an annual net profit of over 1 trillion won ($827.1 million) during his term as well.
Regardless, Ham is currently undergoing a court trial over Hana Bank's alleged hiring irregularities, while also facing separate litigation over a fiasco involving derivative-linked funds (DLFs) ― both of which have blocked him from becoming the chairman.
“And whether he can overcome such legal risks may determine his possible chairmanship,” an industry source said.
The judiciary and financial circles in general speculate such risks can be resolved, citing the acquittals of Woori Financial Group Chairman Son Tae-seung over a DLF case and Shinhan Financial Group Chairman Cho Yong-byoung over a hiring scandal, both in 2021.
For Woori Bank, Senior Vice President Lee Won-duk is seen as the strongest potential contender because of his rich career and expertise cultivated after joining the bank in 1990.