New Shinhan Bank CEO resigns due to health reasons

By Yi Whan-woo

Shinhan Bank CEO Han Yong-gu stepped down just a little more than a month after taking office, the lender announced Monday.

It said Han, who is in his 50s, cited his health as the reason for his resignation last week.

Former Shinhan Bank CEO Han Yong-gu / Courtesy of Shinhan Financial Group

“The company accepted his resignation as he is anticipated to undergo medical treatment for a long period of time, and minimizing the leadership vacuum is necessary,” the bank said.

It said its management committee will convene a meeting “at the earliest date possible” to recommend candidates for a new CEO. “Our decision has been made swiftly in pursuit of stable growth and unwavering sales,” the bank said.

Han was appointed as the CEO for a two-year term during Shinhan Bank's annual reshuffle of top management late last year.

He succeeded Jin Ok-dong who was promoted to chairman of Shinhan Financial Group, the bank's parent company.

The banking group at the time expressed hope that Han's insights and acumen on sales, risk management and communication skills would help transform the firm.

Han was formerly the deputy president of Shinhan Bank. He served key positions in sales and management as he climbed the ladder at Shinhan Bank and Shinhan Financial Group.