Shinhan Financial Group (055550.KS) has replaced the CEOs of Shinhan Life Insurance and Shinhan Asset Management as Chairman Jin Ok-dong prepares to launch his second term, focusing on "qualitative growth" and internal innovation.
The financial holding company said Wednesday it held a CEO Candidate Recommendation Committee meeting at its headquarters in Seoul to nominate CEO candidates for its subsidiaries.
Jin emphasized the CEO's role as "a leader responsible for organizational management and talent development" and "the importance of quality of performance rather than absolute profits" at the meeting, according to sources. He particularly stressed the need for organizational change and completing ongoing internal reforms.
Two of four subsidiaries with expiring CEO terms saw leadership changes. The limited number of CEO transitions this year follows a major reshuffle at subsidiaries late last year.
Chun Sang-young, executive vice president in charge of group finance at the holding company, was nominated as the new president of Shinhan Life Insurance. Chun is recognized for his extensive experience in management and deep understanding of group operations, as well as expertise in finance and accounting. His participation on Shinhan Life's board since last year, where he received positive reviews from directors and employees, was a key factor in his nomination.
"President Lee Young-jong has led solid performance and growth, but it is time to pursue qualitative growth through new leadership," a committee official said. "We hope Chun will leverage his expertise in finance and management to elevate Shinhan Life to the next level."
Lee Seok-won, former head of strategy at the National Pension Service's Fund Management Division, was nominated as the new president of Shinhan Asset Management. Lee was the first executive recruited through open competition to serve as head of equity investment at the fund management division, successfully rising to lead the strategy division. He is known in the asset management industry for both his expertise and leadership. He is expected to build on the momentum of SOL ETF's strong performance to further advance Shinhan Asset Management.
Shinhan Asset Trust President Lee Seung-soo was nominated for reappointment. With the real estate trust sector facing difficulties overall, the priority was placed on addressing current challenges and completing ongoing organizational improvements rather than changing leadership.
Kang Byung-kwan, president of Shinhan EZ General Insurance, was also nominated for a one-year reappointment. With the digital insurance industry facing broad challenges, Kang, who has led the company since 2022, is expected to provide stable leadership while exploring new business opportunities.
"This is a personnel decision that emphasizes instilling a sense of urgency within the organization while placing the right talent in the right positions to complete internal reforms," a committee official said.
