Shinhan picks Han Dong-woo as CEO nominee

By Park Sae-jin Posted : February 17, 2011, 16:41 Updated : February 17, 2011, 16:41
Shinhan Financial Group Co. said Monday that a special committee composed of board members has named Han Dong-woo as its nominee for the post of chief executive.

Yun Ke-sup, head of the committee, said than a nine-member special committee nominated Han after interviewing total 4-shortlisted candidates, and Han nominee will need approval from the full board and shareholders to assume the post.

Yun, head of the committee said all committee members recommended Han and he got a majority vote.

Han has held various positions within Shinhan, having last served as the vice chairman of Shinhan Life Insurance until 2009.

Ryoo Shee-yul has been an acting chairman and chief executive since October, after ex-chairman Ra Eung-chan stepped down. Ra Eung-chan and former president Shin Sang-hoon previously shared the role of tob management, but both officials stepped down last year after a power struggle turmoil that almost everybody thought tarnished Shinhan‘s reputation. Shinhan Bank Chief Executive Lee Baek-soon also quit at that time.

“Shinhan’s turmoil regarding the management power tarnished its image,” Han nominee told, “I will make efforts to bring the group back to normal.”

Wall Street Journal and news media reported that analysts are forecasting solid earnings growth for Shinhan under the new leadership amid intensifying competition after its smaller rival Hana Financial Group agreed to take over Korea Exchange Bank last year.


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