iM Financial Group Initiates Next Chairman Appointment Process… "Final Candidate to Be Recommended in December"

Verification Period Extended to at Least Three Months
Committee: "Enhancing Fairness and Transparency"

On September 28, iM Financial Group Holdings initiated its management succession procedure to appoint the next chairman.

The iM Financial Group Holdings Chairman Candidate Recommendation Committee (the Committee) announced that it held a meeting that day and decided to commence the process for selecting the next Chief Executive Officer (CEO).

Prior to the official start of this process, iM Financial Group had announced CEO qualification requirements on August 20 and prepared for succession by establishing and managing a pool of both internal and external candidates on a rolling basis.

The Group put forth four principles for the CEO selection: securing procedural legitimacy and transparency, increasing diversity within the candidate pool and ensuring fairness in evaluation, selecting a final candidate with the necessary qualifications and competence, and strengthening the independence of the Committee.

The detailed process consists of three stages: selection of a long list (preliminary pool of potential candidates), a short list (final candidate pool), and the final candidate. To enhance objectivity and fairness in the candidate assessment process, the Committee decided to engage external experts in the evaluation and to reinforce its own role.

In particular, the Committee will expand in-depth interviews when selecting the short list and the final candidate. This aims to closely examine each candidate's management philosophy, the Group's future vision, and their leadership and management capabilities.

The Committee plans to select the long list by the end of next month, complete multi-stage in-depth evaluations, finalize the short list by the end of November, and recommend the final candidate within December.

iM Financial Group explained that, from the start of this succession process through to the selection of the final candidate, a verification period of at least three months will be secured. This is approximately 20 days longer than the prior process, in which the period from long list to final candidate selection lasted about 40 days.

Additionally, to enhance transparency, the Group will disclose the number of candidates on the long list and, with the candidates’ consent, release the names of those on the short list in the future.

Cho Kangrae, Chair of the Committee, stated, "This succession process focuses on enhancing objectivity and expertise by providing fair competition opportunities to both internal and external candidates, based on consultations from external professional organizations. The Committee will faithfully fulfill its core role to recommend the most suitable candidate who can successfully establish iM Financial Group Holdings as a leading financial group and drive sustainable growth."

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