External experts to join evaluation; review period extended

Shortlist to be made public

[iM Financial Group]
[iM Financial Group]

iM Financial Group has launched the process to select its next chairman, with plans to narrow down candidates by late October, finalize a shortlist by late November and recommend a final candidate in December.

The group's Chairman Candidate Recommendation Committee held a meeting Monday and decided to formally begin the CEO succession process, the group said.

The move comes about six months before incumbent Chairman Hwang Byung-woo's term expires at the company's annual shareholder meeting next March. Hwang is widely expected to seek reappointment.

The committee said it aims to enhance transparency and fairness in the process while giving internal and external candidates equal opportunity to compete. The selection will proceed in three stages: drawing up a long list, narrowing it to a shortlist and choosing a final candidate.

In the first stage, candidates will be assessed on their qualifications and the competencies required of a financial holding company CEO, based on application materials, supporting documents and reputation checks conducted by multiple specialist firms. The shortlisting stage will have independent directors and outside experts evaluate candidates on financial industry expertise, organizational management ability, and leadership and strategic thinking.

In the final stage, candidates will undergo in-depth interviews with independent directors by area of expertise, followed by a session called "3 Yrs. Visioning," in which each candidate presents and discusses their vision for the group's management direction over the next three years. The committee said it will use this session to comprehensively assess each candidate's management philosophy, future vision and readiness to serve as CEO.

The committee also extended the overall review period, expanding the time from long-list selection to final candidate recommendation by about 20 days compared with the roughly 40 days allowed in previous cycles. It plans to disclose the number of candidates on the long list and, with their consent, publish the names on the shortlist.

Committee Chair Jo Gang-rae said the process would "guarantee fair competition for both internal and external candidates and enhance the objectivity and expertise of the evaluation through the participation of outside specialists," adding that the committee would "recommend the best candidate to lead the commercial banking group's stable establishment and sustainable growth."


forest@heraldcorp.com