South Korea's key financial companies including Shinhan Financial Group Co. will appoint new chief executive officers (CEOs) by no later than early next year as their current CEOs' terms will expire in the near future, industry sources said Wednesday.
Shinhan, the country's No. 4 banking group, is expected to start work on selecting the new CEO after mid-November, they said.
Han Dong-woo, the head of Shinhan, whose term is slated to expire in March, is reportedly seeking a second term at the group. If he is chosen as the CEO again, it will mark the first time for a bank CEO to serve his or her second consecutive term since the Park Geun-hye government took office in February, the sources said.
According to insiders at the financial group, chances are very high that Han will be selected again as he has received positive review for his three-year job performance from Shinhan employees.
The state-run Industrial Bank of Korea and Nonghyup Bank are also forecast to get to work on appointing new heads starting next month.
The new heads of Hana Bank, the flagship unit of Hana Financial Group Inc., and Korea Exchange Bank, which was acquired by the No. 3 banking group in 2012, will be chosen by their boards and stakeholders after March, the sources said.