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South Korea’s first and only internet bank, K Bank Co. LTD. is looking for a new chief after its CEO Lee Mun Hwan suddenly files for resignation, leaving the company in a frantic search for a new leader. It was reported that neither the outgoing chief nor the digital bank itself revealed the reason or explanation for Lee’s sudden departure.
Lee resigns without clear explanations
As per SPGlobal, Lee Mun Hwan was appointed as K Bank’s chief executive officer only in April 2020. Under the contract, his term as the company’s head will end on March 2022, but apparently, he will not be able to fulfill his duties until that set date since he wants to step down less than a year since he assumed the CEO position.
Then again, last week, it was reported on South Korean papers that Lee Mun Hwan revealed his intent to resign and stating personal reasons for his decision to leave. There were no further details about why he is not finishing his two-year term with K Bank.
Now, since Lee’s exit was so sudden, K Bank’s vice president, Jung Un Gi, has been temporarily appointed as the company’s CEO. He will be the acting chief until they found a new CEO that will be chosen based on election by the nomination committee.
Based on the reports, most of the K Bank’s officials and employees were surprised by Lee Mun Hwan’s resignation. This is because he just worked so hard to get the company to work normally again after being hit with many roadblocks.
About K Bank
As posted in the Korea Times, K Bank was first launched in South Korea in 2017. The company faced many issues since it opened, and in 2019, its virtual operations were even suspended.
After new laws on online businesses and banking were established last year, K Bank was able to make a comeback, and by that time, it has already secured enough capital to sustain the company. Lee Mun Hwan did a lot of work and exerted his best efforts to get the company going and bring it back on track.
Lee was able to do a good job as K Bank’s CEO, so his resignation is surely another setback. However, the officials are hoping they will be able to find a replacement soon and continue developing the company so it can expand and offer more with its internet banking services.
