iM Financial Group has initiated the process to select its next chairman, drawing attention to whether Hwang Byeong-woo will seek reappointment as his term ends in March 2024. The company plans to enhance external expert evaluations and in-depth interviews, signaling a competitive environment among both internal and external candidates, including Hwang.
The Chairman Candidate Recommendation Committee of iM Financial Holdings held a meeting on the 28th and decided to commence the management succession process for the next CEO.
Hwang, who took office in March 2024, will serve until the regular shareholders' meeting in March next year. While he has not officially announced his intention to run for reappointment, there is speculation about whether he will leverage the achievements from his first term, including the transition to a commercial bank and improvements within the group.
The selection process has been strengthened this time. The committee plans to identify external candidates through multiple professional search firms and involve external experts in the evaluation of candidates.
The selection process will unfold in three stages: long list, short list, and final candidate selection. The first group of candidates will be determined by the end of October, followed by a narrowed-down list by the end of November, with the final candidates recommended in December.
The candidate verification period has also been extended. Previously, the process from long list selection to final candidate selection took about 40 days, but this time it will be expanded to approximately 60 days. During the short list phase, candidates will be evaluated on their expertise in the financial industry, leadership, and strategic thinking, while the final stage will involve in-depth verification of the group's management direction for the next three years.
Hwang's performance since the transition to a commercial financial group and his future growth strategy are expected to be key evaluation criteria. He has led the transition of Daegu Bank to a commercial bank and the rebranding to iM Financial, while also resolving the dual role of bank president.
The financial performance has shown mixed results. iM Financial's net profit attributable to shareholders for the first half of this year was 295.6 billion won, a 4.4% decrease from the same period last year, while the common equity tier 1 (CET1) ratio reached a record high of 12.27%.
Additionally, financial authorities have recently emphasized the importance of fairness and transparency in the CEO selection process for financial holding companies. The committee plans to disclose the number of candidates on the long list and, with the candidates' consent, also release the short list.
* This article has been translated by AI.
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