Jin Ok-dong Appointed as Next CEO and Chairman of Shinhan Financial Group

Jo Yong-byeong's Third Term Fails... "Considering Both Future Responsiveness and Leadership"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] Jin Ok-dong, CEO of Shinhan Bank, has been finally recommended as the next CEO Chairman of Shinhan Financial Group. This result overturns the initial expectation that Cho Yong-byeong, the current chairman of Shinhan Financial Group, would secure a third term.

On the morning of the 8th, Shinhan Financial Group held an expanded Chairman Candidate Recommendation Committee meeting and announced that it decided to recommend CEO Jin as the candidate for chairman. CEO Jin will begin his term as the next chairman following the regular shareholders' meeting procedure in March next year.

Seong Jae-ho, chairman of the recommendation committee, regarding the nomination of CEO Jin as the next CEO chairman, stated, "Since last month, the committee has broadly explored and reviewed about 50 diverse leaders both inside and outside the group from a zero base to recommend the most suitable candidate. During this process, the most important factor was agreeing that the candidate for the next chairman of Shinhan Financial Group must possess the ability and leadership to flexibly respond to an uncertain future. Today, we decided to recommend CEO Jin as the candidate for the next CEO chairman."

Meanwhile, on the same day from 9 a.m., the Shinhan Financial Group recommendation committee conducted interviews at the headquarters in Jung-gu, Seoul, with the final shortlisted candidates: Chairman Cho, CEO Jin, and Lim Young-jin, CEO of Shinhan Card.