By the end of this year, about 80% of the CEOs at affiliates of the four major financial holding companies face the end of their terms. The terms of all four big-bank chiefs also end at year's end. The chairs of the four financial holding companies plan to set crisis management amid internal and external volatility and securing new growth engines as second-half management keywords, and are expected to carry out personnel overhauls in line with that.
According to the financial sector on the 18th, of 55 affiliates under the four major financial holding companies, CEOs at 47 will see their terms end by December this year. In other words, 8 out of 10 affiliate CEOs are nearing the end of their terms. At KB Financial Group, 10 out of 11; at Shinhan Financial Group, 12 out of 14; at Hana Financial Group, 13 out of 14; and at Woori Financial Group, 12 out of 16 CEOs will each complete their terms.
As Shinhan Financial fully enters Chair Jin Ok-dong's second term structure, the financial sector expects a large-scale reshuffle of subsidiary CEOs. Shin Sang-hyuk, who was reappointed as Shinhan Bank chief at the end of 2024, will complete a four-year (2+2) term at year's end. Inside and outside Shinhan Financial, there is a detectable mood leaning more toward selecting a new bank chief than a third term for Jeong.
Attention is also focused on whether Lee Sun-hoon, CEO of Shinhan Investment & Securities, will be reappointed. As Jin recently expressed an intent to move away from bank-centered growth and strengthen capital market capabilities such as securities and asset management, changes are expected at related affiliates.
At KB Financial, KB Kookmin Bank chief Lee Hwan-joo, KB Kookmin Card CEO Kim Jae-gwan, and KB Life Insurance CEO Jeong Moon-cheol are among those nearing the end of their terms. The fate of these CEOs depends on whether Chair Yang Jong-hee is reappointed. If Yang secures another term, there is speculation that appointments will prioritize organizational stability over an immediate personnel shake-up. Yang's term runs through Nov. The KB Financial chair nomination committee will narrow the shortlist for the next chair to three on Aug. 27 and confirm a single final candidate on Sept. 11.
At Hana Financial, the terms of 13 CEOs, including Hana Bank chief Lee Ho-sung, Hana Securities CEO Kang Seong-mook, and Hana Card CEO Seong Young-soo, end at year's end. Given that bank chief reappointments at Hana Bank are extremely rare, whether Lee will be replaced is drawing interest. Former chiefs Ji Sung-kyu, Park Seong-ho, and Lee Seung-yeol each completed two-year terms before moving to vice chair roles at the holding company. As Hana Financial is pushing to strengthen nonbank competitiveness and expand group synergy, this is expected to be a variable in affiliate CEO appointments.
At Woori Financial, the terms of Woori Bank chief Jeong Jin-wan, Woori Card CEO Jin Seong-won, Woori Investment & Securities CEO Nam Gi-cheon, and Woori Financial Capital CEO Gi Dong-ho expire at year's end. Park Jeong-hoon, head of the Woori Financial Management Research Institute, also completes a term next month. Inside and outside Woori Financial, there are expectations of major changes, as this will be the first large-scale CEO reshuffle since Chair Yim Jong-ryong secured another term.
The direction of CEO appointments at affiliates of the four major financial holding companies is expected to take shape at the second-half management strategy meetings in July. Each holding company holds a management strategy meeting in July each year to set second-half management goals. Hana Financial sets second-half management direction through an executive workshop instead of a strategy meeting. The chair's message from the meeting is expected to become the key criterion for CEO appointments.
An official at a financial holding company said, "This year, expanded uncertainty, inflation, crisis response, and securing growth engines are likely to be the core keywords of the management strategy meeting," adding, "Appointments are expected to put crisis responders and sales strategists at the forefront."