[비즈한국] It has been confirmed that SBI Savings Bank has replaced its board chair. Previously, Kim Moon-suk, CEO of SBI Savings Bank, held the position of board chair, but it has recently been changed to Ji Beom-ha, a professor at Handong Global University (an outside director at SBI Savings Bank). Professor Ji was appointed as an outside director of SBI Savings Bank in April. Professor Ji previously served as an outside director for Kyobo Life Insurance. Kyobo Life Insurance recently acquired SBI Savings Bank, and analysts suggest that the replacement of the board chair is a signal of Kyobo Life Insurance's growing influence over SBI Savings Bank.
Kyobo Life Insurance finalized its acquisition of SBI Savings Bank in April. Following the acquisition, CEO Kim Moon-suk has maintained his position. However, individuals from Kyobo Life Insurance have joined the management team. First, Noh Kyung-won, former managing director at Kyobo Life Insurance, was appointed as an executive director at SBI Savings Bank, and Shin Joong-hyun, the second son of Kyobo Life Insurance Chairman Shin Chang-jae and head of the digital strategy office at Kyobo LifePlanet Life Insurance, was appointed as the synergy team leader at SBI Savings Bank.
SBI Savings Bank also newly appointed three outside directors: Professor Ji Beom-ha of Handong Global University, Kwon Jae-joong, former vice president of BNK Financial Group138930, and Wi Jang-hwan, CRO (Chief Risk Officer) of Gowid. As they were appointed after Kyobo Life Insurance acquired SBI Savings Bank, it can be seen as an appointment that reflects the intentions of Kyobo Life Insurance.
Amid these developments, it has been confirmed that Professor Ji Beom-ha has taken on the role of board chair at SBI Savings Bank. Prior to this, CEO Kim Moon-suk held the chair position. Professor Ji served as an outside director for Kyobo Life Insurance for six years, from March 2020 to March 2026, and until recently, he held roles such as chair of the audit committee and chair of the risk management committee at Kyobo Life Insurance. While he is not officially affiliated with Kyobo Life Insurance, he is a figure with deep ties to the company.
Professor Ji Beom-ha took on the role of outside director at SBI Savings Bank immediately after stepping down as an outside director at Kyobo Life Insurance, and has now even assumed the position of board chair. Due to Professor Ji's background, there is a sentiment in the financial sector that, in effect, a Kyobo Life Insurance appointee has taken over as the board chair of SBI Savings Bank.
There are other interpretations as well. Recently, more domestic companies have been appointing outside directors as board chairs. This is because it can ensure objectivity and strengthen procedural legitimacy. The Act on Corporate Governance of Financial Companies also stipulates that "the board of directors shall elect the board chair annually from among the outside directors." However, as the law also states that "a person who is not an outside director may be elected as the board chair, in which case the board of directors must disclose the reasons," there is no legal issue with appointing an executive director as the board chair.
Although CEO Kim Moon-suk maintains his position as CEO, his internal influence is expected to diminish as he steps down from the role of board chair. CEO Kim took office as CEO of SBI Savings Bank in February 2023 and has been reappointed on a one-year basis. There is also speculation that a different person may take over as CEO after his term ends next year. SBI Savings Bank has not released a separate statement regarding the change of the board chair.