Ham Young-joo tapped as Hana Financial's new chairman

Outgoing chief Kim Jung-tae to end 10-year reign on March 25

By Yi Whan-woo

Hana Financial Group said Tuesday it has nominated Vice Chairman Ham Young-joo as its next leader, replacing outgoing Chairman Kim Jung-tae who led the banking group for the past decade.

Ham Young-joo, the nominee for Hana Financial Group's new chairman / Korea Times file

Ham will be officially appointed as the new chairman for a three-year term upon confirmation by shareholders and board of directors in their respective meeting in March. Kim's term will end on March 25.

The nomination comes a little more than a week after the company shortlisted five candidates.

The decision, which was announced late Tuesday evening, was unexpected considering Kim remains as the longest serving CEO in the banking sector, while the lender was expected to take more time, possibly until late February, to pick the right person for the job.

Hana Financial Group said Ham, 66, was recognized by its chairman nomination committee for successfully leading its flagship affiliate, Hana bank, from 2015 to 2019. This was when Hana Bank took over Korea Exchange Bank (KEB) and dealt with issues involving the integration of employees from the two sides.

“He has also shown 'extraordinary leadership' in managing the group and is expected to lead Hana into the future through digital transformation,” the company said in a press release.

Ham was promoted to Hana Financial Group Vice Chairman after serving as the banking arm's CEO.

He will be tasked with accelerating the firm's digital transformation, under a campaign titled, “Beyond Finance.”