iM Financial Group begins CEO succession process

iM Financial Group has officially initiated its CEO succession process ahead of Chairman Hwang Byeong-woo’s term expiration in March next year. To enhance transparency and procedural legitimacy, the group has extended the candidate verification period by approximately 20 days. The process will involve three stages: selecting a longlist (first group of candidates) by late next month, determining a shortlist (second group) by late November, and recommending a final candidate in December.

To improve openness, iM Financial plans to disclose the number of individuals on the longlist and, with candidate consent, the names on the shortlist. The selection process will utilize external professional agencies for reputation checks and involve independent directors in deep evaluations of leadership and strategic capabilities.

This move comes amid broader scrutiny from the Financial Supervisory Service (FSS), which has urged major financial holding companies to strengthen the independence of subsidiary CEO appointments. The FSS has emphasized that selection processes should be based on merit rather than factional ties or personal relationships, calling for greater authority for subsidiary-level recommendation committees to prevent them from merely rubber-stamping decisions made by holding company committees.