Im Yong-taek, Former President of Jeonbuk Bank, Steps Down for 'Creative Destruction'
Bin Dae-in, President of Busan Bank, and Hwang Yoon-chul, President of Gyeongnam Bank, Expected to Renew Terms
(From left) Im Yong-taek, President of Jeonbuk Bank; Bin Dae-in, President of Busan Bank; Hwang Yoon-chul, President of Gyeongnam Bank; Song Jong-wook, President of Gwangju Bank
[Asia Economy Reporter Kim Hyo-jin] Attention is focused on the future of the heads of regional banks whose terms are about to expire. Amid the heightened importance of management stability due to the impact of the novel coronavirus disease (COVID-19), while reappointments are generally favored, cases of voluntary retirement under the pretext of organizational innovation have also drawn attention.
According to the banking sector on the 20th, Lim Yong-taek, President of Jeonbuk Bank, recently decided to voluntarily withdraw from the list of candidates for the next bank president. He, who was expected to secure a fourth term, posted a message on the bank's internal bulletin board on the 18th expressing this intention. Lim was one of the two candidates on the 'shortlist' recommended by the CEO candidate recommendation committee.
He stated, "What we need most right now is 'change' and 'creative destruction' for that purpose," adding, "Therefore, I will resign as the honored CEO candidate of Jeonbuk Bank."
Since his inauguration in November 2014, Lim has led Jeonbuk Bank's growth for seven years through three consecutive reappointments. Accordingly, there was a strong expectation both inside and outside the bank that he would smoothly secure a fourth term.
Lim plans to serve until the regular shareholders' meeting in March and then step down. The CEO recommendation committee of JB Financial Group's subsidiary will decide the next president of Jeonbuk Bank on the 21st.
Bin Dae-in, President of Busan Bank, who was reappointed last March, is expected to be reappointed once more in recognition of his performance during the COVID-19 crisis. Despite the impact of COVID-19, Busan Bank posted a net profit of 257.7 billion KRW through the third quarter of last year. Although this represents a 27.6% decrease compared to the same period the previous year, it is largely seen as a base effect of the continuous high performance since Bin's inauguration in September 2017.
Hwang Yoon-chul, President of Gyeongnam Bank, who took office in March 2018, is also expected to be reappointed. Gyeongnam Bank posted a net profit of 148.1 billion KRW through the third quarter of last year. Although this is an 8.9% decrease compared to the previous year, it is considered a commendable performance given the regional economic downturn caused by COVID-19.
Song Jong-wook, President of Gwangju Bank, was solely recommended as the next president on the 8th and will lead Gwangju Bank for two more years until the end of next year. He was the first to be appointed president from among Gwangju Bank's public recruitment in September 2017 and was reappointed once in March 2019. Gwangju Bank recorded a net profit of 173.3 billion KRW in 2019 and 137.7 billion KRW through the third quarter of last year.
Known for his distinctive sales ability, President Song is evaluated to have contributed not only to performance but also to establishing Gwangju Bank as a partner in the regional economy based on his commitment to customer-centric and on-site management.
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