Renault appoints procurement expert as new Korea chief
According to the announcement, Paris will officially begin his Korean CEO tenure on Sept. 1. Stephane Deblaise, current CEO of Renault Korea, has been appointed to lead Renault India starting on the same date.
Paris has an extensive 20-year resume in the global auto industry. Before joining Renault Group in 2015, he served as a corporate purchasing director for Bosch's Asia-Pacific region. At Renault, Paris held various positions, taking on purchasing leadership roles in China and India and working as alliance global director of APO platform and chassis for Renault-Nissan-Mitsubishi.
Since 2023, he has played an integral role in Renault Group's technological innovation and transition towards electric vehicles as procurement vice president of e-powertrain, battery, driver assistance connectivity and software.
Deblaise took the top position at the Korean branch in March 2022 and successfully launched Renault Group's Aurora project. As part of the group's international strategy, the project sought to build new vehicles at the automaker's Busan plant, where it debuted the new Grand Koleos sport utility vehicle. The French brand has sold over 45,000 units of the SUV since its release in September 2024.
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Korea Herald
16 minutes ago
- Korea Herald
Checks, gaps, global voices: The evolving face of Korea's bank governance
Governance reforms gain ground amid uneven progress on diversity, independence South Korea's financial giants have been working to shed their long-standing reputation for rubber-stamp governance, as diversity and boardroom expertise have visibly improved. Yet, with CEOs and legacy ties still exerting implicit power in some high-level conference rooms, the extent to which boards can hold management accountable remains in question. All four of Korea's top financial groups now have at least two female outside directors, with women holding an average of 32 percent of those seats. Shinhan leads with four of nine, followed by KB with three of seven, Hana with three of nine and Woori with two of seven. Notably, the female directors are, on average, more than a decade younger than their male peers — suggesting that gender inclusion is also fostering generational renewal. Average board ages cluster between 61 and 63, with Shinhan and Woori the youngest at roughly 61.7 years old. However, none of the boards currently includes a foreign national. The last was Stuart B. Solomon, a former MetLife executive who left KB in 2022. The absence is especially striking given that foreign investors now hold an average 63 percent stake across the four groups — more than six times the Kospi average. While not legally mandated, foreign directors are widely seen as a marker of governance transparency and stronger representation of foreign shareholders' interests. Strengthening internal oversight was the dominant theme in board appointments across Korea's top banking groups this year. Woori made the most sweeping changes, replacing four of its seven outside directors after a high-profile internal control failure led to regulatory scrutiny. It also launched an ethics and internal control committee and revamped its audit committee. New appointees include Kim Choon-soo, a compliance specialist and former head of Eugene Group's ethical management division, and Rhee Yeong-seop, a Seoul National University professor with expertise in economics and financial regulation — both expected to strengthen the group's internal controls. To support Woori's digital transformation, tech entrepreneur Kim Young-hoon, a founding member of Daou Tech, also joined the board. Still, gaps remain. Woori's board skill matrix highlights a lack of expertise in consumer protection and legal affairs — areas that need strengthening going forward. The other three groups, with more balanced skill coverage, emphasized continuity while selectively shoring up governance capabilities. Shinhan added two new directors with deep ties to Japan, preserving its long-standing alignment with the Korean-Japanese community and maintaining the share of third-generation Korean Japanese outside directors. New appointees include Chun Myo-sang, a third-generation Korean Japanese and certified public accountant in Japan, and Yang In-jip, a Korean national with extensive professional experience in Japan, including as a tech CEO and former chair of the Korean Business Association in Japan. This enduring alignment reflects Shinhan's founding roots — established with capital from Korean Japanese investors in the 1980s — and continues to serve as a stabilizing force in its governance. KB maintained board stability while adding targeted expertise. New appointees include Ewha University economics professor Chah Eun-young and E-Jung Accounting CEO Kim Sun-yeop, bolstering regulatory and audit oversight. A new internal controls committee is chaired by Lee Myong-hwal, a veteran economist and policy expert. Notably, KB limits outside director terms to five years, shorter than the industry's six-year norm, underscoring its commitment to board renewal. Hana made minimal changes, but focused on governance upgrades. It established an internal controls committee and added Suh Young-sook, former chief credit officer at SC Bank Korea, as its only new outside director. Though modest in scope, the move raised Hana's female director ratio and added global credit expertise. Despite formal efforts to separate management and oversight, executive influence remains entrenched. At KB and Shinhan, the CEOs of their flagship banks — Lee Hwan-ju and Jung Sang-hyuk, respectively — sit on the holding company's board as 'nonstanding' directors: nonexecutive, nonindependent, but voting members who serve on committees. These positions blur the boundary between oversight and management. Hana goes further, including not only its CEO, but also two vice chairs — Lee Seung-lyul and Kang Seong-muk — on the board. In 2024, the group expanded its board to 12 members — the largest among its peers — by adding external directors to balance the increased number of internal seats. Notably, Lee remains a board member even after stepping down as Hana Bank CEO, reinforcing the view that these seats function as power bases for the group's CEO Ham Young-joo, who secured a three-year term extension in March. As foreign ownership rises, investor communication is increasingly seen as a measure of governance openness. All four groups now provide English-language disclosures, translated shareholder materials and access to electronic voting — but depth and quality still vary. Shinhan and Woori lead in outreach. From July 2024 to June this year, Shinhan held eight investor sessions involving board members, along with 24 CEO- and 43 chief financial officer-level meetings. It offers disclosures in Korean, English and Japanese and commissions third-party board evaluations. Woori conducted over 100 foreign investor meetings during the year, many attended by the CEO, signaling volume and senior-level commitment. Hana and KB focus on accessibility. Hana has held two annual investor roundtables since 2022, with full participation from outside directors. This year, it scheduled one at 10 p.m. local time to accommodate North American shareholders. KB upgraded infrastructure this year with simultaneous interpretation and livestreaming of shareholders meetings, while tailoring voting procedures for institutional and American Depositary Receipt holders. Woori, Shinhan and KB — each listed on the New York Stock Exchange — also file English-language disclosures via the US Securities and Exchange Commission, alongside Korean regulatory filings. Still, global investors see room for improvement. More frequent board engagement and clearer channels for shareholder input remain key. Amar Gill, secretary-general of the Asian Corporate Governance Association, stressed that board-level dialogue is essential not just for transparency, but to strengthen the boards themselves. 'There should at least be a designated point person on the board for foreign investors to engage with,' Gill told The Korea Herald. 'The most important part is engagement with investors at the board level, particularly from independent directors. They should be getting feedback from the market. That is how they are empowered.' He also stressed that logistical improvements around annual shareholders meetings are needed to support non-Korean shareholders. 'Two to three weeks' notice is not enough. It should be at least a month in advance. And foreign investors attending should be able to ask questions.'
Korea Herald
an hour ago
- Korea Herald
Power or oversight? The role of board chairs at Korea's top banks
Female leadership signals progress, but legacy ties, influence still loom As global investors turn a sharper eye toward corporate governance in South Korea's financial sector, scrutiny is intensifying around the leadership of the country's top financial groups — KB, Shinhan, Hana and Woori. Boardroom composition, once treated as a procedural matter by companies, now speaks volumes about their strategic priorities and governance culture. In particular, the identity and independence of board chairs have become bellwethers for how each group balances executive power, oversight and long-term shareholder value. Here, we take a closer look at the leadership shaping Korea's four major financial groups. Women at the helm: KB, Shinhan signal progress Among the big four, Shinhan Financial Group and KB Financial Group stand out for appointing female board chairs — a rare move in the still male-dominated Korean boardroom. Shinhan led the shift early, appointing Korea's first female financial group chair in 2010, the same year it abolished CEO duality. In 2024, the group named its second, Yoon Jae-won. At 55, Yoon is the youngest chair among Korea's major financial groups. A business professor at Hongik University and a core committee member at the Korea Accounting Institute, she has played a key role in reshaping Shinhan's governance architecture. Under her leadership, the group reported the fewest financial mishaps among its peers in the recent two years and was the first to submit a regulatory 'accountability map' clarifying executive roles. As former audit committee chair, Yoon championed transparency and pushed for robust oversight mechanisms. Her impact has been felt beyond Korea. In a recent interview with The Korea Herald, the Asian Corporate Governance Association named Shinhan Korea's top performer in value enhancement, and Yoon broke new ground by independently hosting an investor meeting in Hong Kong in June — a first for a nonexecutive Korean chair. KB followed suit by appointing its first female chair, Kwon Seon-joo — a former CEO of the Industrial Bank of Korea — last year. She was succeeded in 2025 by Cho Wha-joon, signaling the group's continued commitment to board diversity. A seasoned finance executive, Cho previously served as chief financial officer of both BC Card and KT Capital, where she was also the first female CEO within KT Group. After leaving KT, she spent six years on the board of Mercedes-Benz Financial Services Korea as a director and audit committee member before joining KB's board in 2023. In contrast to peers emphasizing change, Hana Financial Group and Woori Financial Group opted for continuity by appointing seasoned male directors as chairs. At Hana, Park Dong-moon was named chair in March after serving as an outside director since 2021 — the longest tenure among current board members. A career executive, Park previously led Kolon Industries and other Kolon affiliates and is widely seen as a professional corporate manager. His ties to Kolon have drawn attention, as the group holds a 1.4 percent stake in Hana. Though modest, the cross-holding signals a longstanding business relationship that has raised questions about board independence. Proxy adviser Institutional Shareholder Services and other governance observers have flagged potential conflicts. Nonetheless, industry insiders view Park's promotion as a vote for stability, especially as the group's CEO Ham Young-joo also secured a second term in March. Woori tapped Yoon In-sub, an insurance industry veteran, as chair in March. He previously led ING Life Korea, KB Life and Fubon Hyundai Life, and was recommended by Woori strategic investor Fubon Life of Taiwan. His appointment as chair aligns with the group's planned reentry into insurance this year — a top priority as Woori looks to reduce its heavy reliance on banking, which still generates almost 90 percent of its earnings. But Yoon's reappointment came under fire earlier this year. Proxy adviser ISS recommended voting against his extension, citing a weak board response to past governance controversies surrounding former Group CEO Sohn Tae-seung. Yoon joined the board in early 2022 and served during Sohn's regulatory scrutiny, leading some to view him as partly accountable. Sohn is now under investigation for allegedly arranging illegal loans for relatives, intensifying calls for stronger risk oversight from Woori's board. Still, Yoon's elevation underscores Woori's commitment to making its insurance strategy work. He is believed to have played a central role in last year's acquisition of ABL and Tongyang Life and is expected to remain a key figure as the group charts its new path forward.
Korea Herald
an hour ago
- Korea Herald
Hyundai Motor tapped as mobility partner for 2025 APEC energy summit
Korean automaker's newest hydrogen SUV Nexo to lead fleet of 63 cars for ministerial meetings in Busan Hyundai Motor will present a fleet of 63 emission-free vehicles at next month's Asia-Pacific Economic Cooperation ministerial meetings in Busan as the official transportation provider, the Korean automaker said Tuesday. According to Hyundai Motor, the fleet will be led by 34 all-new Hyundai Nexo hydrogen fuel cell sport utility vehicles, accompanied by 12 Genesis Electrified G80 premium sedans, 14 all-electric Kia EV9 SUVs and three Hyundai Universe hydrogen buses. The eco-friendly vehicles will be used to transport key figures and support various activities during the APEC's 15th Energy Ministerial Meeting, the 16th Clean Energy Ministerial Meeting and the 10th Mission Innovation Ministerial Meeting. The 15th APEC Energy Ministerial Meeting is scheduled to take place from August 27 to 28, gathering top energy officials from 21 economies to discuss pending issues such as power grid infrastructure, energy security and stability, electricity supply and energy innovation through artificial intelligence. The 16th APEC Clean Energy Ministerial Meeting and the 10th APEC Mission Innovation Ministerial Meeting, which will take place as co-events from August 25 to 27 at Bexco convention center, will bring in representatives from about 30 APEC member economies to discuss transition towards clean power, hydrogen and future fuels, AI-driven energy solutions and carbon reduction technologies. The three APEC events are expected to be joined by energy ministers and government delegations from more than 40 countries. The Korean automaker said it aims to showcase the capability of its electrified models and reinforce its commitment to a sustainable future by offering a fleet of hydrogen fuel cell electric vehicles and EVs. According to Hyundai Motor, the all-new Nexo, which will serve as the main official vehicle, exemplifies the automaker's hydrogen leadership and vision for green mobility as the hydrogen-powered car features a whopping 720 kilometers of driving range per charge. The automaker added that it will continue to raise awareness of hydrogen-powered vehicles throughout the APEC meetings. "Hyundai Motor Group is honored to support these major international energy forums with our hydrogen and electric vehicles," said Kim Dong-wook, executive vice president and head of strategy planning division at Hyundai Motor Group. "By showcasing our eco-friendly vehicles at a venue that discusses the future of global energy, we hope to share our vision for sustainability and innovation with the world." Hyundai Motor has provided eco-friendly vehicles at key international events in the past, including the 43rd ASEAN Summit and the G20 Bali Summit, as it continues to underline its pledge to promote sustainable mobility.
