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Yim Jong-ryong takes office as Woori chairman

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Woori Financial Group Chairman Yim Jong-ryong answers questions from reporters at the group's headquarters in Seoul, Friday. Yim was selected as the group's next leader, replacing outgoing leader Son Tae-seung. Yonhap
Woori Financial Group Chairman Yim Jong-ryong answers questions from reporters at the group's headquarters in Seoul, Friday. Yim was selected as the group's next leader, replacing outgoing leader Son Tae-seung. Yonhap

By Lee Min-hyung

Yim Jong-ryong, a former chief of the Financial Services Commission (FSC), took office Friday as the next chairman of Woori Financial Group under a three-year tenure.

He pledged to revamp Woori's corporate culture and enhance the firm's competitiveness by realigning relations between the holding company and its affiliates

"I will focus on building a fresh corporate culture, leveling up Woori's competitiveness and reorganizing relationships with our affiliates," Yim said.
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Yim's stepping into the role comes amid a leadership vacuum at Woori Bank after its former leader, Lee Won-duk, recently offered to resign, about nine months before the end of his tenure.
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The new chairman also promised to enhance its non-banking portfolio through the acquisition of a securities firm. Woori's lack of securities and insurance arms has been cited as its biggest weakness, compared with its main rivals ― KB, Shinhan and Hana ― all of which operate those kinds of businesses.
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"If Woori finds a decent securities firm for sale, we will proactively discuss its acquisition," he said.
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Yim replaced his predecessor Son Tae-seung after receiving approval from the group's regular shareholders meeting. Son led the group for more than four years since taking office as its chairman in December 2018.
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However, Son gave up extending his term in January amid mounting political pressure from the government and financial authorities. He left office on Friday morning after holding a farewell ceremony.

The agenda of Yim's appointment passed smoothly during the shareholders' meeting. The National Pension Service (NPS) ― the second-largest shareholder of Woori ― also voted in favor of the leadership reshuffle. The NPS holds a 6.84 percent stake in Woori. The group's employee stock ownership association ― the largest shareholder of the group with a 9.8 percent stake ― also did not express opposition to Yim taking the leadership role.

Earlier last month, Woori's executive recommendation committee nominated Yim as the sole candidate for the chairmanship. The committee spoke highly of Yim, saying that he is the most qualified and experienced financial expert that can serve as a leader of Woori Financial Group.

Yim studied economics at Yonsei University, and started his career as a bureaucrat at the finance ministry. He also worked as a former secretary of economy and finance to former President Lee Myung-bak in 2009.

After finishing up his work in the government sector, he moved to the private sector in 2013, where he served as a former chairman of NH Financial Group.


Lee Min-hyung mhlee@koreatimes.co.kr


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