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South Korea's Shinhan Financial changes CEOs at 7 units

South Korea-based Shinhan Financial Group Co. Ltd. named new CEOs for seven of its 11 subsidiaries, The Chosun Ilbo reported.

The company named Shinhan Financial deputy presidents Jin Ok-dong and Kim Byeong-cheol CEO nominees for Shinhan Bank Co. Ltd. and Shinhan Investment Corp., respectively.

Further, the parent company appointed Shinhan Bank deputy presidents Lee Chang-goo, Heo Young-taeq, Choi Byeong-wha and Lee Ki-jun to become CEOs of Shinhan BNP Paribas Asset Management Co. Ltd., Shinhan Capital Co. Ltd., Shinhan Aitas Co. Ltd. and Shinhan Credit Information Co. Ltd., respectively.

Orange Life Insurance Co. Ltd. CEO Cheong Mun-kuk will become head of Shinhan Life Insurance Co. Ltd.

Meanwhile, the current CEOs at Shinhan Card Co. Ltd., Shinhan Savings Bank Co. Ltd., Shinhan DS and Shinhan Alternative Investment Management Inc. will be retained for another term.

The reshuffle of management at the Shinhan units marks a generational change in leadership under group CEO Cho Yong-byoung, the report said.