More than 100 top financial executives to be replaced

The terms of more than 100 top-ranking executives of Korea’s major financial firms will end in a few months, market watchers said on Monday, raising speculation of significant personnel changes.

Between this December and March of next year, large numbers of local financial holdings firms and banks, including KB Financial Group and Shinhan Financial Group, will undergo regular reshuffles.

In general, senior-level managers serve for about two years.

Of 14 CEOs of major affiliates of KB Financial, the terms of nine expire this year.

By March next year, 11 out of 13 affiliates of Shinhan Financial will have new CEOs, and around 30 senior officials of Hana Financial Group and its affiliates will likely be replaced.

Yonhap