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 growing 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 withdraw himself from the list of candidates for the next bank president. He, who was expected to secure a fourth term, posted his intention on the bank's internal bulletin board on the 18th. Lim was one of the two candidates on the 'shortlist' recommended by the CEO candidate recommendation committee.
He said, "What we need most right now is 'change' and 'creative destruction' for that purpose," adding, "Therefore, I will resign as the honorable CEO candidate of Jeonbuk Bank."
Lim has been evaluated as having led Jeonbuk Bank's growth for seven years through three consecutive reappointments since his inauguration in November 2014. Accordingly, there were high expectations both inside and outside the bank that he would smoothly succeed in securing a fourth term.
Lim is scheduled to complete his term 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 in March last year, 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 up to the third quarter of last year. Although this is 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 President Bin took office 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 up to the third quarter of last year. Although this is an 8.9% decrease compared to the same period the previous year, it is evaluated as a decent performance considering the regional economic downturn caused by the COVID-19 impact.
Song Jong-wook Reappointed as President of Gwangju Bank
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 the Gwangju Bank's public recruitment in September 2017 and was reappointed once in March 2019. Gwangju Bank posted a net profit of 173.3 billion KRW in 2019 and recorded 137.7 billion KRW up to the third quarter of last year.
Known for his distinctive sales ability, President Song is evaluated to have contributed to establishing Gwangju Bank as a partner of the regional economy based on his commitment to customer-centric and on-site management, as well as performance. In the case of Daegu Bank, where Kim Tae-oh, Chairman of DGB Financial Group, concurrently served as president, Lim Sung-hoon took office as president in October last year.
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