Open Bank has disclosed the employment terms for incoming CEO Sang-kyo Oh, according to a public filing made on May 29.
The contract states that Sang-kyo Oh will officially begin his five-year term as CEO on July 1, 2025, continuing through June 30, 2030. Unless either party provides written notice of termination at least 45 days in advance, the agreement will automatically renew for successive one-year terms.
Oh’s base annual salary is set at $400,000, subject to annual review and adjustment by the board of directors. He will also be eligible for bonuses and stock options, with the amount and conditions determined by the bank’s internal policies and the board’s discretion.
Additional benefits include health insurance, 401(k) retirement contributions, and a $200 monthly reimbursement for electronic device expenses.
The agreement also includes a severance clause: if Open Bank terminates Oh’s employment without cause during his tenure, the bank will pay him 1.5 times his base salary, distributed in equal installments over 12 months.
BY WONHEE CHO [cho.wonhee@koreadaily.com]
