Shinhan Financial Board Confirms Jin Okdong as Next Chairman Candidate
Committee Chairman Kwak Sookeun: "Led the Group Well for Three Years Without Any Notable Shortcomings"
Shinhan Financial Group has nominated Chairman Jin Okdong as the next chairman to lead the group for the next three years. As widely expected both inside and outside the group, Chairman Jin has succeeded in securing another term.
Jin Okdong, Chairman of Shinhan Financial Group, is attending the individual final interview held at the Shinhan Financial Group headquarters in Jung-gu, Seoul on the 4th. Photo by Yonhap News
The Shinhan Financial Group Chairman Candidate Recommendation Committee (the Committee) held an expanded meeting at the group’s headquarters in Jung-gu, Seoul, on the morning of the 4th and selected Chairman Jin as the next chairman candidate. He was then confirmed as the final candidate through a board resolution. The Committee made this decision after conducting individual interviews in a presentation format with four candidates: Chairman Jin, Shinhan Bank President Jung Sanghyuk, Shinhan Investment & Securities CEO Lee Sunhoon, and an external candidate.
The financial sector has long considered Chairman Jin’s reappointment highly likely. Over the past three years, he has maintained stable performance, and his shareholder return policy has received high praise both domestically and internationally. His extensive network with Shinhan Financial’s core shareholders-Korean-Japanese shareholders-built during 18 years of work in Japan, also contributed to the positive outlook for his reappointment.
Kwak Sookeun, Chairman of the Committee, commented on the decision, stating, “He demonstrated his management capabilities by achieving remarkable results during his tenure. He was highly rated not only for his financial performance but also for strengthening the group’s future competitiveness, elevating Shinhan’s corporate value, and establishing a distinctive internal control culture that reinforced sound management.”
He continued, “He led the group well for three years without any notable shortcomings, and I believe he has pursued sustainable management from a long-term perspective to respond to a rapidly changing environment. The fact that he is the person who can maximize shareholder value is also why he received support from more committee members.”
It was also noted that Chairman Jin emphasized the ‘Shinhan Spirit’ during the interview process. Chairman Kwak said, “Succession is the most important aspect of corporate management, and it’s not just about handing over management rights, but about continuing the entrepreneurial mindset and the Shinhan Spirit. Over the next three years, it will be important to nurture a successor who can carry on the Shinhan Spirit, and I believe Chairman Jin will be able to facilitate this well.”
He also pointed out that instilling the ‘Shinhan Spirit’ throughout the group is a key task for future leadership. Chairman Kwak said, “I believe we must reestablish the Shinhan Spirit and create a new culture that fits the times ahead. While the banking sector may be well aligned, newly incorporated affiliates such as securities, cards, and life insurance must also unite as one team. That will be an important role for the next leader.”
Born in 1961, Chairman Jin graduated from Deoksu Commercial High School and earned a bachelor’s degree in business administration from Korea National Open University, followed by a master’s degree in business administration from Chung-Ang University. He began his career at IBK Industrial Bank of Korea in 1980 and joined Shinhan Bank in 1986. He later served as the Osaka branch manager and head of SBJ Corporation in Japan, head of Shinhan Bank’s Management Support Group, Executive Vice President in charge of operations at Shinhan Financial Group, and President of Shinhan Bank.
Before the interview on this day, Chairman Jin told reporters, “I would like to discuss the evaluation of the past three years, what is needed for Shinhan to continue for 50 and 100 years, and what my role should be.” He added, “I will focus on how to return to our founding spirit from 40 years ago. I believe there is much to learn from the perspectives of other candidates as well. The opportunity to share diverse viewpoints and express my own opinions directly is very meaningful.”
If Chairman Jin receives approval at the regular shareholders’ meeting in March next year, he will begin his new term on that day. The term will last three years, until March 2029.
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