Shinhan Financial Group's former Chairman Cho Yong-byoung has emerged as the final nominee for the chairman position of the Korea Federation of Banks to head the association for the next three years. In a meeting held on Thursday, the KFB's Chairman Candidate Recommendation Committee chose Cho as the final candidate from a pool of six contenders for the position. The KFB is slated to hold a meeting on Nov. .
As incumbent Shinhan Bank CEO Jin Ok-dong was tapped early this month to take office as its next chairman in March, markets are focusing now on what changes he will bring to the group s management strategies. If Jin, who is currently the only nominee for the position, is officially approved as the next chairman at the group s shareholders meeting slated for March, he will begin his three-year chairmanship term.
Shinhan Financial Group is on track to initiate internal procedures to extend the leadership of Chairman Cho Yong-byoung, whose term ends in March 2023. Last week, the group set up a chairperson recommendation committee, and its seven board members have started discussion of the next candidates for the group s top management. Shinhan is expected to confirm the shortlist for the group s next chairperson sometime around early December. After the final candidate is confirmed to lead the banking group during a regular shareholders meeting in March, the next chairperson will then take office as its next leader with a three-year tenure.
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