Samsung Life Insurance Moves to Two-Person Leadership... Park Jong-moon Appointed President of Asset Management Division

Jongmun Park, President of Samsung Life Insurance

[Asia Economy Reporter Bu Aeri] Park Jong-moon, Vice President of Samsung Life Insurance, has been promoted to President.

Samsung Life Insurance announced on the 8th that it had carried out the regular personnel appointments for 2023. Jeon Young-mook, whose term was set to expire in March next year, was retained. Accordingly, Samsung Life Insurance will shift to a two-person system with President Jeon and President Park.

Born in 1965, President Park graduated from Naeseong High School in Busan, majored in Business Administration at Yonsei University, and holds a master's degree in Financial Engineering from the Korea Advanced Institute of Science and Technology.

He has served as General Manager of the Support Team, Executive Director in charge of the Overseas Business Headquarters, and Executive Director of the CPC Strategy Office at Samsung Life Insurance.

Since being appointed as head of the Financial Competitiveness Enhancement Task Force (TF) in December 2018, he has supported the establishment of mid- to long-term business strategies and is recognized for contributing to the creation of future financial growth engines and enhancing competitiveness by discovering synergies among financial affiliates.

Samsung Life Insurance stated, "Through this promotion to President, he is expected to take charge of the Asset Management Division, respond to the uncertain financial environment, and focus on preparing for the future."

Samsung Life Insurance plans to finalize and announce the regular executive appointments below the Vice President level and organizational restructuring soon.

Meanwhile, in the regular president-level personnel appointments of Samsung financial affiliates carried out on the same day, Hong Won-hak, CEO of Samsung Fire & Marine Insurance, and Kim Dae-hwan, CEO of Samsung Card, were retained. This personnel move is evaluated as choosing stability over change. CEO Hong was appointed last year, and CEO Kim is recognized for maintaining stable performance despite the unfavorable management environment in the card industry.