Shinhan Financial Group Overhauls Leadership in Strategic CEO Reshuffle

In a significant organizational shake-up, Shinhan Financial Group announced a large-scale reshuffle of its top executives on Thursday, recommending new CEO candidates for nine of its 13 affiliates.

Jung Sang-hyuk, the 60-year-old CEO of Shinhan Bank, the group’s flagship lender, was reappointed for a second term, which will span two years. The personnel overhaul aimed to enhance the organizational structure through intensive reforms, ensure strategic consistency by retaining proven leaders, and foster generational change by selecting next-generation executives, according to the group.

Shinhan Financial Group Chairman Jin Ok-dong highlighted the urgency of overhauling the internal framework. He emphasized the need for fundamental innovation, rigorous personnel reform, and generational transition to better manage risks in a volatile business environment.

The group explained that the CEO candidates recommended by its selection committee would need final approval from each affiliate’s board of directors and general shareholders’ meetings following a verification process.

As part of the reshuffle, CEOs of four subsidiaries, including Shinhan Bank, Shinhan Life, Shinhan Asset Management, and Shinhan EZ General Insurance, retained their positions, while nine other affiliates, such as Shinhan Card, saw leadership changes.

Jung Sang-hyuk’s reappointment to a two-year term, rather than the usual one-year extension, was a notable decision. The committee attributed this to Jung’s outstanding management, citing robust asset growth, increased non-interest income, and successful global expansion. His leadership in fostering innovation and organizational reform further solidified his position. The extended term was intended to ensure stability for his long-term strategies, the group noted.

Meanwhile, Park Chang-hun, 56, currently heading Shinhan Card’s payment division, was recommended as CEO of the nation’s leading credit card company. With a diverse background in digital banking, Park is expected to drive Shinhan Card’s transformation into a platform-oriented business.

Other appointments marked a break from tradition, with division heads from Shinhan Savings Bank, Shinhan DS, Shinhan Fund Partners, and Shinhan REITs Management being promoted directly to CEO roles, bypassing the usual elevation of vice presidents.

For Shinhan Securities, Vice President Lee Sun-hoon, 56, will succeed Kim Sang-tae, who stepped down following a 130 billion won ($91.8 million) futures trading scandal earlier this year. An official from the group stated that, given recent lapses in internal control and risk management, the new CEO’s role would be critical as a central figure in enhancing risk oversight.

Shinhan Life CEO Lee Young-jong, 58, was recommended for a second one-year term to sustain momentum in his growth strategy aimed at positioning the company as a top-tier life insurer.

Additionally, Jun Pil-hwan, 59, Vice President of Shinhan Bank, was chosen to lead Shinhan Capital. The committee cited his extensive experience in digital business and sales, along with his effective management as head of SBJ, Shinhan Bank’s Japanese subsidiary, as key factors in the decision.

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