Hana Financial Group has begun CEO succession procedures for six major affiliates, including Hana Bank. It plans to narrow each company’s final shortlist to no more than 3 candidates by late October and select a final candidate in early December.

Hana Financial said on Tuesday it convened its Group Executive Candidate Recommendation Committee and launched CEO succession procedures for six affiliates: Hana Bank, Hana Securities, Hana Card, Hana Capital, Hana Life Insurance and Hana Savings Bank.

The committee is chaired by outside director Won Sook-yeon (원숙연). Three of its 4 members are outside directors, representing 75 percent.

In selecting the next head of Hana Bank, the group will expand the role of the bank’s Executive Candidate Recommendation Committee. Hana Financial has granted the bank-level committee authority since 2024 to recommend candidates for bank chief, and from this year it can also present opinions on the final shortlist.

The chair of the bank-level committee will attend the final candidate evaluation in person to convey the committee’s views. The group committee will reflect that input when selecting the final candidate for Hana Bank chief.

Hana Financial plans to set a final shortlist of no more than 3 candidates for each of the six affiliates around late October. It will then select 1 final candidate for each company in early December and recommend them to each firm’s candidate recommendation committee.

At each stage of narrowing the field, it will allow a verification period of at least 2 weeks. It will conduct presentations, in-depth interviews, evaluations and voting for the final shortlist.

Won said an independent committee centered on outside directors will proceed with the recommendation process according to a disclosed schedule and on transparent and fair standards.