Suhyup Bank CEO pick fails to clear 4-vote threshold

Shin Hak-ki gets 3 votes, KoFIU chief Lee Hyung-joo gets 2

Next meeting set for late this month or early next month

Shin Hak-ki (left), current president of Suhyup Bank, and Lee Hyung-joo (right), director of the Korea Financial Intelligence Unit. [Suhyup Bank, Financial Services Commission]
Shin Hak-ki (left), current president of Suhyup Bank, and Lee Hyung-joo (right), director of the Korea Financial Intelligence Unit. [Suhyup Bank, Financial Services Commission]

The selection of a new president for Suhyup Bank has stalled for a second time, as a divided CEO recommendation committee has failed twice to agree on a final candidate from its two frontrunners — incumbent President Shin Hak-ki and Lee Hyung-joo, director of the Korea Financial Intelligence Unit (KoFIU) under the Financial Services Commission.

According to financial industry sources Tuesday, the bank's CEO recommendation committee convened that morning in another attempt to select a final candidate for the top post, but again reached no conclusion. The meeting was the second such attempt, following a session on Sept. 22, and the committee once again fell short of the votes needed to settle on a single nominee.

Recommending a final candidate requires the support of at least four of the committee's five members. Shin is understood to have received three votes and Lee two — the same split as in the previous meeting.

The committee comprises five members: one each nominated by the Ministry of Economy and Finance, the Financial Services Commission and the Ministry of Oceans and Fisheries, and two nominated by the National Federation of Fisheries Cooperatives. With Shin and Lee emerging as the clear frontrunners, the inability to bridge differences among members has continued to delay the appointment process.

The committee had earlier conducted in-depth interviews with six candidates before narrowing the field. Internally, concerns over a mandatory employment review for public officials and potential conflicts of interest surrounding Lee are seen as having influenced the vote. The possibility that his scope of duties could be restricted even after receiving employment approval has also been cited as a complicating factor.

The next meeting is expected to be held in late October or early November. Shin's term expires Nov. 17. The bank faced a similar impasse in 2017, when the process of finding a successor to then-President Lee Won-tae dragged on for more than six months, leaving the top post vacant.


forest@heraldcorp.com