Shinhan Financial Group introduced sweeping changes in its 2024 executive reshuffle, deciding to replace nine out of 13 subsidiary heads whose terms were set to expire. In an unprecedented move, five of the new appointees were promoted directly from department head roles to top executive positions, and the group held a meeting at its headquarters on Thursday to name the nominees.
One of the most significant changes is at Shinhan Card Co. where Moon Dong-kwon is to be replaced despite industry expectations for his reappointment. The board cited a lack of internal innovation and growth momentum, although Shinhan Card has maintained its top position. In a bold move, Park Chang-hun, a department head with no previous vice-presidential experience, was appointed as the new CEO.
At Shinhan Securities Co., Vice President Lee Sun-hoon was nominated as CEO, replacing Kim Sang-tae, who had previously offered to resign over a financial incident involving derivative products. While some advocated for Kim to complete his term to bolster internal controls, the prevailing view emphasized the need for accountability for the large-scale incident.
One of the most significant changes is at Shinhan Card Co. where Moon Dong-kwon is to be replaced despite industry expectations for his reappointment. The board cited a lack of internal innovation and growth momentum, although Shinhan Card has maintained its top position. In a bold move, Park Chang-hun, a department head with no previous vice-presidential experience, was appointed as the new CEO.
At Shinhan Securities Co., Vice President Lee Sun-hoon was nominated as CEO, replacing Kim Sang-tae, who had previously offered to resign over a financial incident involving derivative products. While some advocated for Kim to complete his term to bolster internal controls, the prevailing view emphasized the need for accountability for the large-scale incident.
Only four executives were reappointed in 2024. Shinhan Bank President Jung Sang-hyuk was granted a two-year extension, reflecting Group Chairman Jin Ok-dong’s trust in Jung and a focus on ensuring stability at the group’s key subsidiary. Jung has been credited with fostering balanced growth in interest and non-interest income while driving global expansion.
In the insurance sector, Shinhan Life Insurance Co. CEO Lee Young-jong and Shinhan EZ General Insurance Co. CEO Kang Byung-kwan retained their positions. Lee received high marks from both management and the board for significantly expanding the group’s underperforming life insurance business. Shinhan Asset Trust CEO Lee Seung-soo was also reappointed.
Additional leadership changes include Jun Pil-hwan, Vice President of Shinhan Bank, as the new CEO of Shinhan Capital Co. Other subsidiaries with new leadership include Jeju Bank, Shinhan Savings Bank Co., Shinhan DS, Shinhan Fund Partners, Shinhan REITs Management, and Shinhan Venture Investment Co.
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