Seoul, South Korea – Shinhan Financial Group announced on Friday that its incumbent CEO, Jung Sang-hyuk, has been nominated for a second two-year term as CEO of Shinhan Bank.

The decision was made at a meeting of the company's CEO Nomination Committee. The committee praised Jung for his "solid asset growth, increased non-interest income, global expansion, and various innovations driven by stable soundness management and new attempts for future growth."

Typically, the company grants one-year extensions for second terms, but Shinhan Financial has broken with tradition to provide Jung with a two-year term to support his long-term management vision.

Jung, born in 1964, joined Shinhan Bank in 1990. He has held various key positions, including executive director of the Management Planning Group, head of the Consumer Protection Center, and deputy CEO of the Capital Markets Group, before assuming the role of CEO in February 2023.

In a broader move to refresh its leadership, Shinhan Financial has replaced CEOs at nine of its 13 subsidiaries. The committee nominated Park Chang-hoon to succeed Moon Dong-kwon as CEO of Shinhan Card and Lee Seon-hoon to replace Kim Sang-tae as CEO of Shinhan Investment Corp. Lee Young-jong, CEO of Shinhan Life, has been reappointed.

Shinhan Financial Group Chairman Jin Ok-dong explained the rationale behind the leadership overhaul, stating, "Given the uncertain future business environment, we urgently need to improve the organization's constitution through fundamental internal innovation, strong personnel reshuffling, and generational change to respond flexibly."

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