Hana's chairman to be extended for one year
Hana Financial Group Chairman Kim Jung-tai is getting another term.
A recommendation committee late Wednesday named Kim as its favorite among four candidates shortlisted for the chairmanship on Feb.15.
Kim’s term will be officially extended for a year after a board meeting and annual general meeting to be held next month.
The committee said that it chose Kim for the sake of stability as the coronavirus pandemic introduced great uncertainties to markets.
"I will devote myself so the group overcomes crisis and maintains organizational stability," Kim said Wednesday.
While the term for the chairman position is usually three years, Kim will only be extended for a year. He is 69 and the group has an age limit of 70 years old for the chairman post.
Kim has been chairman of the group since 2012. This will be his fourth term.
Other candidates on the shortlist were Ham Young-joo, co-vice chairman of the group, Park Sung-ho, deputy president of Hana Bank, and Park Jin-hei, former CEO of Citibank Korea.
Ham was considered a strong candidate but he is standing trial for alleged involvement in a hiring-related scandal. He was also reprimanded last year by the country's financial regulators for selling high-risk derivative-linked funds to clients without properly informing them of the risks.
BY KIM JEE-HEE [firstname.lastname@example.org]