[비즈한국] The process of appointing the next CEO of NH Investment & Securities005940 is being delayed. Although CEO Yoon Byung-won's term has already expired, he is expected to remain in his position until a successor is appointed. Some analysts suggest that the delay in the appointment process may be due to NH Investment & Securities being conscious of Kang Ho-dong, Chairman of the National Agricultural Cooperative Federation (Nonghyup). When the CEO was appointed in 2024, it sparked controversy due to disagreements between the National Agricultural Cooperative Federation and NH Financial Group.
CEO Yoon Byung-won's term ended on March 1st. Accordingly, it is known that NH Investment & Securities discussed the appointment of the next CEO at the Executive Recommendation Committee meeting in February. However, not only has the CEO not been appointed, but the list of candidates has not even been disclosed. Although NH Investment & Securities held its regular shareholders' meeting at the end of March, the appointment of the CEO was not on the agenda. CEO Yoon, whose term has expired, is still leading the company as the head of NH Investment & Securities.
In the financial sector, there was a general sentiment that CEO Yoon Byung-won would be reappointed, as the company’s performance improved since he took office. According to the business report, NH Investment & Securities' net profit increased by 50.23% from 686.6 billion KRW in 2024 to 1.0316 trillion KRW in 2025. Future prospects are also positive. Jang Young-im, a researcher at SK Securities001510, assessed, "The valuation gains from non-marketable Investment Banking (IB) assets contributed to the earnings last year," adding, "We expect the valuation gains from IB non-marketable assets to remain robust this year as the stock market continues to perform well."
CEO Yoon Byung-won took office as the head of NH Investment & Securities in March 2024. At the time, there was significant noise surrounding the appointment. While National Agricultural Cooperative Federation Chairman Kang Ho-dong recommended former Vice Chairman Yoo Chan-hyung, the NH Financial Group insisted that the NH Investment & Securities Executive Recommendation Committee should appoint the CEO independently. Ultimately, CEO Yoon Byung-won was appointed rather than the former Vice Chairman, but friction regarding the appointment of heads of Nonghyup affiliates continued for some time (Related article: Eyes turn to 'external variables' regarding the possibility of NH Investment & Securities CEO Yoon Byung-won's reappointment).
Because of this, analysts in the financial sector suggest that Chairman Kang Ho-dong could be a variable in the reappointment of CEO Yoon Byung-won. If Chairman Kang gets involved in the NH Investment & Securities CEO appointment this time as well, it would be difficult for the company to simply ignore him. The ownership structure of NH Investment & Securities follows the chain of 'National Agricultural Cooperative Federation → NH Financial Group → NH Investment & Securities'.
Some have speculated that the delay in the appointment of the CEO of NH Investment & Securities is due to being conscious of Chairman Kang Ho-dong. Alongside CEO Yoon, former NH Investment & Securities executive Bae Kyung-joo and former executive Kwon Soon-ho are being mentioned as candidates for the next CEO. Among them, former executive Bae Kyung-joo is known as a close associate of Chairman Kang Ho-dong.
However, it is realistically difficult for Chairman Kang Ho-dong to get involved in NH Investment & Securities' personnel matters recently. Following a government special audit, various corruption allegations surrounding the National Agricultural Cooperative Federation have emerged, leading to calls for Chairman Kang's resignation. Financial authorities have also previously expressed concerns about Chairman Kang's interference in NH Investment & Securities' personnel decisions (Related article: Refusing to resign despite all-out pressure, will Nonghyup Chairman Kang Ho-dong's 'reform plan' work?).
NH Investment & Securities maintains that the delay in the appointment process is due to internal reasons and is unrelated to Chairman Kang Ho-dong. During the shareholders' meeting in March, NH Investment & Securities stated, "We are reviewing a proposal from the major shareholder regarding a co-CEO or sole-CEO system." An official from NH Investment & Securities explained, "As the company size has grown, we are reviewing a co-CEO system, and there are no other intentions."