iM Financial Group will extend the vetting period for candidates to become its next chairman and bring in outside experts to take part in the evaluations.
The group said on the 28th that it had decided to launch the management succession process to select its next chief executive. The chairman nominating committee plans to draw up a longlist by the end of October and finalize a shortlist by the end of November, then recommend a final candidate in December.
The committee will assess expertise and management capability under the same standards for all candidates, regardless of their background or whether they currently hold a post at the group. External candidates will be identified through multiple professional search firms. The committee will disclose the number of people on the longlist, and plans to release the shortlist of names with the candidates' consent.
Vetting will proceed in three stages: the longlist, the shortlist and the selection of a final candidate. At the longlist stage, the committee will verify eligibility requirements and essential competencies based on applications, supporting documents and reputation checks by several professional agencies. At the shortlist stage, independent directors and outside experts will evaluate candidates on financial industry expertise, organizational and leadership skills, and strategic thinking.
At the final selection stage, candidates will sit for focused interviews by area and give presentations and take part in discussions on the group's management direction for the next three years. In-depth interviews will also be expanded during the shortlist and final selection stages. "We will guarantee fair competition for both internal and external candidates," said Cho Kang-rae, chairman of the nominating committee. "Through a sufficient vetting period and transparent evaluation, we will faithfully carry out the committee's core role."
