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| NongHyup Bank CEO Lee Dae-hoon |
By Lee Kyung-min
NongHyup Bank CEO Lee Dae-hoon is expected to clinch a second term following a deliberation of appointments in a recommendation committee meeting held by its holding company, the firm said Thursday.
NongHyup Financial Group will hold the committee meeting as early as today to deliberate on whether to extend terms of CEOs at its major subsidiaries including NongHyup Bank, NongHyup Life Insurance, NongHyup Property & Casualty Insurance and NH Capital.
The committee, comprised of in-house and outside directors as well as non-standing directors, will finalize the decision mid-December after convening up to four meetings. The results will be disclosed to the board of each subsidiary.
Lee, who began his first two-year term on Jan.1, 2018, is expected to secure a second term due mainly to his outstanding performance.
Company rules stipulate the CEO's term can be up to two years, but they are subject to performance review every year.
NongHyup Bank posted 933.9 billion won ($826 million) in net profit for the first three quarters of 2018, an 81 percent increase from a year earlier.
The strong performance helped the holding company record 1.77 trillion won in net profit during the same period, up 47.9 percent from the year before.
Lee's strong prospect is also bolstered by the establishment of the bank's overseas entity in Cambodia in 2018.
NongHyup Property & Casualty Insurance CEO Oh Byoung-kwan is in the first year of his first term while both NongHyup Life Insurance CEO Seo Ki-bong and NH Capital CEO Go Tae-soon are in the second year of their first terms.
