NongHyup Financial Group announced their affiliate CEO candidates, including NongHyup Bank, Thursday.

The candidates were selected through a recommendation committee meeting held earlier in the day.

The group has tapped Lee Seok-yong, a senior official in charge of planning and coordination at the National Agricultural Cooperative Federation, as NongHyup Bank CEO. NongHyup Bank is an affiliate of the National Agricultural Cooperative Federation.

Lee joined the company in 1991 and has since been with the agricultural cooperative and its affiliates including NongHyup Bank and NongHyup Financial Group.

"Lee was evaluated to be the right man for the job with his deep understanding of NongHyup and diverse career for effective communication and creating synergy, considering that an economic bureaucrat from outside was appointed the chairman of the financial group," the group said.

Earlier this month, Lee Suk-joon, a former high-ranking official and special advisor for economic and financial policy to President Yoon Suk-yeol during his election campaign, was appointed to lead the financial group.

Yoon Hae-jin from NongHyup Bank was in charge of trust funds, has been recommended as CEO of NongHyup Life Insurance, Seo Ok-won, head of marketing at NongHyup Life Insurance, was named the CEO candidate of NongHyup Capital.

Kim Hyun-jin, the managing director at Kolon Investment, has been tapped for NH Venture Investment CEO. The company explained Kim is a venture capital expert who has led investments in information and communications technology, semiconductors, bio and foreign investments.

The candidates will have to receive final confirmation from each affiliate’s shareholders meeting. If appointed, their two-year term will end in December 2024.