Shinhan Financial Group has initiated the succession process for the chief executive officers (CEOs) of 12 subsidiaries whose terms are set to expire at the end of this year. The group plans to enhance the fairness and transparency of the succession process by expanding the role of the subsidiary executive candidate recommendation committee and specifying CEO evaluation criteria.
On September 21, Shinhan Financial held a meeting of the subsidiary CEO candidate recommendation committee to begin the succession process for the CEO candidates of the 12 subsidiaries.
During the meeting, the committee discussed measures to improve the fairness and transparency of the candidate review process. Specifically, it was decided to share information about potential candidates with the subsidiary executive candidate recommendation committee and grant it the authority to recommend candidates.
The qualifications for CEOs of each subsidiary will also be more clearly defined than before. Shinhan Financial plans to establish detailed evaluation criteria to be used in the review of future CEO candidates for its subsidiaries.
The committee recommended Lim Hyun-woo, president of Shinhan REITs Management, as the new CEO candidate to lead the merged entity of Shinhan Asset Trust and Shinhan REITs Management, which aims to launch the integrated corporation in January next year.
Lim has extensive experience in the real estate and finance sectors and has served as the CEO of Shinhan REITs Management since January of last year.
Shinhan Financial will review the candidate pool according to a pre-established plan. The final recommended candidates will undergo review by each subsidiary's executive candidate recommendation committee and will begin their terms in January.
A committee official stated, "As the terms of the CEOs of the 12 subsidiaries expire this year, we will conduct in-depth reviews and narrow down the candidate pool."
* This article has been translated by AI.
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