Next SH Suhyup Bank CEO Candidate Fails to Secure Support Again

Sh Suhyup Bank's selection of a new CEO candidate has once again failed. The internal voting within the CEO Candidate Recommendation Committee (CCR) remains divided between current CEO Shin and Lee Hyung-joo, head of the Financial Intelligence Unit (FIU), prolonging the appointment process.

On October 6, the CCR held a meeting to finalize the next CEO candidate but was unable to reach a decision. None of the candidates received the required four votes from the five committee members.

The voting results mirrored those from the previous meeting. Shin garnered support from three of the five committee members, while Lee received two votes. Neither candidate secured the four votes necessary to be recommended as the final nominee.

The difficulty in appointing a new CEO stems from the high threshold for approval. The CCR is composed of three members recommended by the Ministry of Economy and Finance, the Financial Services Commission, and the Ministry of Oceans and Fisheries, along with two members recommended by the National Federation of Fisheries Cooperatives, totaling five members. To be recommended as a final candidate, a candidate must receive the agreement of at least 80%, or four members. With Shin and Lee effectively forming a two-horse race, the gap in opinions among committee members has not narrowed, leading to delays in the appointment process.

While discussions about the CEO candidates are ongoing, time is running short. Shin's term ends on November 17. A bank official stated, "The next CCR meeting is expected to take place either at the end of this month or early next month," adding, "Even after a final candidate is recommended, there are still procedures with the board of directors and the shareholders' meeting, so a conclusion should be reached by the time the next meeting occurs."

However, if discussions within the CCR continue to stall, there is a possibility of reopening the candidate search. In fact, since separating from the National Federation of Fisheries Cooperatives in 2016, Suhyup Bank has gone through a re-application process for CEO appointments in 2017, 2020, and 2022.

Meanwhile, regardless of whether Shin or Lee is appointed, the new CEO will set a record as the first in their respective category. If Shin is re-elected, he will become the first CEO to serve consecutive terms since Suhyup Bank became an independent entity in 2016. If Lee is appointed, he will be the first CEO from the Financial Services Commission.