Toss Bank’s process to pick its next chief executive is in its final stage, with industry observers widely viewing incumbent CEO Lee Eun-mi as the leading candidate for another term. They cite the bank’s shift to profitability and the need to maintain continuity in its mid- to long-term strategy.
Toss Bank said Feb. 25 it plans to recommend and disclose a final CEO candidate as early as this month and no later than early March. It then plans to confirm the next CEO through a board resolution in March.
The bank began its succession process in December, when its executive candidate recommendation committee reviewed a long list of CEO candidates. In January and February, it narrowed the field to a short list and conducted checks on qualifications and capabilities.
Lee, the bank’s second leader, is credited with strengthening its financial footing. Toss Bank posted net profit of 45.7 billion won in 2024, marking its first full-year profit since launch. It then recorded cumulative net profit of 81.4 billion won through the third quarter of last year, its best performance to date, after years of early losses.
Under Lee, the bank has also accelerated efforts to diversify its business. She has formalized plans to introduce mortgage lending to broaden a loan portfolio previously centered on unsecured credit loans, and the bank has been preparing the rollout in stages. It has also outlined plans to expand overseas, saying it is actively reviewing entry into markets such as Southeast Asia with a goal of going global within three to five years.
Observers also point to parent company Viva Republica’s push for a Nasdaq listing as a factor supporting continuity, as stable performance and risk management can weigh heavily in valuation during an IPO process.
At the same time, internal controls and consumer protection have been flagged as areas for improvement. Toss Bank experienced an internal embezzlement case last year and received an “insufficient” rating in the Financial Supervisory Service’s 2025 assessment of financial consumer protection practices.
“Financial results have improved clearly, and key strategic tasks are still underway, so there is a need to maintain stable leadership,” a financial industry official said. “Unless there is an unusual variable, the likelihood of a second term appears high.”
If Lee is reappointed, she is expected to keep her role as board chair. Toss Bank operates a structure in which the CEO also serves as chair, alongside a lead outside director. Some have criticized the arrangement as out of step with regulators’ recent emphasis on strengthening board independence, arguing that combining the CEO and chair roles can weaken oversight.
* This article has been translated by AI.
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