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| Yoo Myung-soon / Korea Times photo by Choi Won-suk |
By Kim Bo-eun
Citigroup made headlines earlier this month by appointing its global consumer banking CEO Jane Fraser as its first female group CEO. Now attention is being drawn to the possible appointment of the first female CEO at Citibank Korea.
Citibank's local unit is currently under the interim leadership of the lender's Senior Executive Vice President Yoo Myung-soon, after former CEO Park Jin-hei stepped down from the position last month.
The lender's committee in charge of recommending candidates for executive positions will convene Friday to draw up a shortlist of candidates for the CEO position. The successful candidate will be selected at the second committee meeting early next month and the appointment will be finalized at a board meeting that will follow, according to the bank.
Citigroup is known to hold influence over the appointment of unit heads around the world. Given the group's latest bold move, and Yoo's expertise, it appears the emergence of Citibank Korea's first female CEO could be possible.
Yoo has more than 30 years of experience in banking. She joined Citibank Korea in 1987, was briefly with JP Morgan Chase in 2014, but returned to Citibank, where she has headed corporate banking until recently.
There are speculations that a candidate from Citibank's Asia Pacific headquarters could be put forward, given the lender may seek an external figure to take the place of Park, who stepped down due to disappointing earnings. But Citibank Korea has not seen staff from regional offices appointed to the position of CEO so far.
Industry sources say it is highly likely that the interim CEO's position will become permanent.
The scenario appears all the more likely because former CEO Park took the position after serving as senior executive vice president. He served as CEO for six years.
Citibank Korea is known for its corporate culture that places an emphasis on gender equality. Currently, six of the 13 executive directors are women. The 46 percent ratio of female executives is one of the highest at local lenders.
This is attributed to programs such as its Diversity Committee and Women's Council that have been running since 2006.
The Women's Council aims to support female employees by providing them opportunities to network with leading figures in the banking industry.
Citibank Korea is also recognized for its childcare programs, such as four weeks of paid paternity leave. Other systems aimed at ensuring work-life balance for employees are also seen to have helped the bank retain female employees.
If Yoo becomes Citibank's next CEO she will also become the country's second female CEO of a major bank.
Industrial Bank of Korea's former CEO Kwon Sun-joo took the title as the first female bank CEO in 2014, a position she held until 2016.
