NongHyup Financial Appoints Kim In-tae as Life Insurance CEO and Park Tae-sun as Capital CEO

[Asia Economy Reporter Kangwook Cho] NongHyup Financial Group held the Executive Candidate Recommendation Committee (ECC) on the 11th and announced that the recommendation process for the CEOs of wholly owned subsidiaries whose terms are expiring has been completed.

The NongHyup Financial ECC consists of a total of six members: four outside directors, one non-executive director, and one inside director. The ECC reviews and selects CEO candidates for wholly owned subsidiaries, while other affiliates recommend candidates through their respective company ECCs. Kim Intae, Vice President of NongHyup Financial Group and an inside director, who is currently acting as the Chairman of the Board, was excluded from this ECC.

Kim Intae, the current Head of the Management Planning Division at NongHyup Financial Group, was appointed as CEO of NongHyup Life Insurance. Kim, who has served as Vice President of the financial group, Deputy Head of the bank, General Planning Manager, and HR Manager, is recognized for his insight into management and tailored experience in planning and finance. Especially under the low-interest-rate environment where insurance companies face low expected investment returns, he is evaluated as the optimal candidate capable of stably growing NongHyup Life Insurance through rational leadership.

Park Taeseon, the current Head of HR and Business Support Division at NongHyup Bank, was appointed as CEO of NongHyup Capital. Park is widely regarded as a financial expert with extensive field experience as Deputy Head of the bank, Regional Headquarters Head, and Branch Manager, as well as comprehensive knowledge of mutual finance operations. Given the current concerns over profitability deterioration in the credit finance sector due to the COVID-19 pandemic, he is considered the right person to strengthen NongHyup Capital’s fundamentals. Additionally, his broad personal network is expected to diversify revenue channels by expanding synergies for NongHyup Capital.

The candidates will be finally appointed after each company’s general shareholders’ meeting, with a two-year term from January 1, 2021, to December 31, 2022.

Bae Buyul, the current Head of Daegu Sales Headquarters at NongHyup Bank, was appointed as the successor to Kim Intae as Head of the Management Planning Division at NongHyup Financial Group. Furthermore, Lee Jongbaek, a lawyer at Kim & Chang Law Office, was appointed as an outside director of NongHyup Financial Group, filling the vacancy after the resignation of Moon Banggyu, the former President of the Export-Import Bank. Outside director Kim Yonggi, whose term expires on December 31 this year, was reappointed.

The NongHyup Financial ECC explained that after initiating the management succession process on the 12th of last month, it has been narrowing down candidates over the past month focusing on comprehensive management capabilities and leadership, and selected the final candidates through in-depth interviews.