Selection of Next Sh Suhyup Bank CEO Fails Again... Third Vote Possible as Early as End of This Month

Shin Hakki vs. Lee Hyungjoo FIU Chief
A Continued Standoff in the Leadership Race

The selection process for the next CEO of Sh Suhyup Bank has been repeatedly postponed. As in the first round of voting held on September 22, the re-vote held on the 6th also saw continued competition between Shin Hak-ki, the current CEO from the National Federation of Fisheries Cooperatives (Suhyup), and Lee Hyung-joo, the head of the Korea Financial Intelligence Unit (FIU) with a bureaucratic background.

According to the financial industry, the Sh Suhyup Bank CEO Recommendation Committee (the Committee) held its second meeting on this day, but no candidate received the support of at least four committee members.

It has been reported that, similar to the first vote on September 22, this round resulted in a 3-2 split between Shin and Lee. Reportedly, CEO Shin received backing from two committee members recommended by the National Federation of Fisheries Cooperatives (Suhyup) and one committee member recommended by the government, for a total of three supporters.

The CEO Recommendation Committee of Sh Suhyup Bank is composed of five members: three recommended by the government and two recommended by the National Federation of Fisheries Cooperatives (Suhyup).

The current committee members are as follows: Kim Byung-kyu, outside director (recommended by the Ministry of Strategy and Finance); Park Kyung-chul, outside director (recommended by the Ministry of Oceans and Fisheries); Lim Hyung-jun, outside director (recommended by the Financial Services Commission); Song Kwang-bok, chairman of Buan Fisheries Cooperative (recommended by the National Federation of Fisheries Cooperatives); and Jeong Seung-man, chairman of Gyeonggi Fisheries Cooperative (recommended by the National Federation of Fisheries Cooperatives).

To secure the CEO position, a candidate needs the support of at least one committee member recommended by the National Federation of Fisheries Cooperatives, in addition to the support of the three government-recommended members. Conversely, if a candidate receives support from both National Federation of Fisheries Cooperatives-recommended members, they must also have the backing of at least two government-recommended committee members.

The Committee plans to convene the third meeting and hold the third round of voting either at the end of this month or early next month. However, since the number of votes did not change in the first and second rounds, there is speculation that the selection process could be prolonged.

Previously, when Lee Dong-bin was appointed as CEO in 2017 and Kim Jin-kyun in 2020, the final candidate was selected after renewed applications and further discussions. In 2022, when appointing Kang Shin-sook as CEO, the final candidate could not be decided in the first interview, which necessitated a renewed application process and additional interviews.

The current term of CEO Shin is until November 17.

This content was produced with the assistance of AI translation services.