Yim Jong-yong nominated for another term as Woori Financial Group chair in first-ever move

Yim Jong-yong, chairman of Woori Financial Group, speaks during a press briefing at the company’s headquarters in Jung District, central Seoul, on Sept. 29. [NEWS1]

Yim Jong-yong has been nominated for another term as chairman of Woori Financial Group, marking the first time the company has reappointed a chairman since its establishment.

Woori Financial’s executive candidate recommendation committee, which includes two outside members, selected Yim on Monday as the final candidate from a short list of four.

The committee cited Yim’s completion of the group’s full-service financial portfolio during his term as the decisive factor in his reappointment.

“He successfully expanded into the securities sector and acquired insurance firms, while improving the group’s capital adequacy ratio — which had lagged behind other financial groups — thereby strengthening financial stability,” said Lee Kang-haeng, head of the nomination committee.

The committee also noted that under Yim’s leadership, the group more than doubled its market capitalization through shareholder return policies, describing his three-year tenure as highly effective.

“He aligns with the leadership profile outlined in our succession plan and enjoys strong trust both inside and outside the organization,” said Lee.

If approved at the shareholder meeting in March, Yim’s new term will run through March 2029. He will join Hana Financial Group Chairman Ham Young-joo and Shinhan Financial Group CEO Jin Ok-dong as the third of Korea’s four major financial group chiefs to secure a second term.

Lee Kang-haeng, head of Woori Financial Group’s executive candidate recommendation committee, speaks during a press briefing at the company’s headquarters in Jung District, central Seoul, on Dec. 29. [YONHAP]

Yim, who passed the 24th National Civil Service Exam, previously served in the Ministry of Economy and Finance and the Office for Government Policy Coordination. He served as head of NH NongHyup Financial Group from 2013 to 2015 and later as chairman of the Financial Services Commission.

During his term at Woori Financial, Yim focused on expanding nonbanking business lines to close the gap with rival holding groups. He merged Korea Post Securities with Woori Investment Bank to launch Woori Investment & Securities, and led the group’s acquisition of Tong Yang Life Insurance and ABL Life as a package deal.

Yim is also credited with resolving longstanding factional divisions between executives from the former Commercial and Hanil banks.

Yim’s reappointment had not been guaranteed. Early in his tenure, a scandal involving improper loans to relatives of former chairman Sohn Tae-seung emerged. Yim later became the first financial group chairman to appear before a parliamentary audit, where he pledged to relinquish certain appointment rights for subsidiary executives.

Concerns about his reappointment also arose after President Lee Jae Myung criticized the industry’s reappointment practices and the Financial Supervisory Service launched an initiative to improve governance at financial groups.

“Every committee member approached the succession process with independence, transparency and fairness as guiding principles,” said Lee Kang-haeng, addressing such concerns.

“I will refine the strategies and plans presented during the nomination process and work to implement them in detail,” said Yim in a statement after being named the final candidate. “We will accelerate the ‘Future Co-Growth Project’ for productive and inclusive finance currently underway at Woori Financial.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM SEON-MI [[email protected]]

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