Shinhan Financial launches CEO succession process for 12 subsidiaries

Shinhan Financial Group launched succession proceedings Monday for the chief executives of 12 subsidiaries, including Shinhan Bank, whose terms expire at the end of this year.

The group's subsidiary CEO candidate recommendation committee held an afternoon meeting Monday, discussing measures to strengthen the fairness and transparency of the candidate screening process before formally opening the succession procedure.

The committee decided to expand the role of each subsidiary's executive nomination committee. In particular, it will share information on the succession candidate pool with Shinhan Bank's nomination committee and grant it the authority to recommend candidates. The committee also plans to spell out specific CEO qualification requirements for each subsidiary and establish detailed evaluation criteria to guide the screening process.

For the combined entity that Shinhan Asset Trust and Shinhan REITs Management are working to form — targeting a launch in January next year — the committee recommended Shinhan REITs Management President Im Hyeon-u as the candidate to lead the merged firm.

Regulatory approval for the merger has not yet been granted, but the committee said it selected the candidate three months ahead of the expected integration date to ensure that follow-up personnel decisions and operational preparations proceed smoothly toward a target completion by the end of December.

Im has built his career across the real estate and broader financial sectors and has led Shinhan REITs Management since January last year. He is expected to spearhead the integration of the two companies and drive a strategy to strengthen the group's real estate business value chain.

"As the terms of 12 subsidiary CEOs expire this year, we will conduct a thorough review of the succession candidate pool and narrow down the candidates," a committee official said. "We will work to enhance shareholder value through a transparent and fair succession process."

The committee will screen candidates according to a pre-established schedule of sessions. Finalists recommended by the committee will go through review by each subsidiary's nomination committee before taking office in January next year.