Woori Financial Group CEO and Chair Yim Jong-yong (Woori Financial Group)
Woori Financial Group CEO and Chair Yim Jong-yong (Woori Financial Group)

Woori Financial Group CEO and Chair Yim Jong-yong has been nominated for another term, paving the way for an effective reappointment barring any unexpected developments ahead of a final decision in March.

The group said Monday that its executive recommendation committee named Yim as the final candidate among him and three other nominees, including the current banking chief, Jung Jin-wan.

“Yim completed the group’s transformation into a comprehensive financial conglomerate by expanding into brokerage services and acquiring insurance businesses during his tenure,” said Lee Kang-haeng, who chairs the committee. “At the same time, he strengthened financial stability by narrowing the gap in the group’s Common Equity Tier 1 ratio relative to peers.”

Lee also cited Yim’s role in enhancing shareholder return policies, which helped drive a sharp expansion in Woori’s market capitalization, as well as improvements in corporate culture and internal confidence. These factors underpinned a positive assessment by the committee members of his three-year leadership.

A final decision on his reappointment will be made at the regular shareholders’ meeting in March, which would see Yim lead the group through early 2029.

The coming term is expected to test Yim’s ability to translate first-term achievements into sustained financial gains. Woori remains heavily reliant on banking, which accounts for nearly 90 percent of group profit, even as its insurance units and brokerage subsidiary are expected to begin contributing more meaningfully.

Raising key capital metrics, including a CET1 ratio that lags behind peers’ above-13 percent levels, and boosting shareholder returns to attract greater foreign inflows are also expected to be priorities.

In a statement following the announcement, Yim said he felt a “heavy responsibility” after being nominated. "With shareholder approval still pending, I will focus on refining the strategies and plans outlined during the nomination process and turn them into concrete execution measures."

Alongside strengthening the group’s role as a comprehensive financial conglomerate, he flagged policy alignment, the accelerated incorporation of artificial intelligence into governance and operations, stronger consumer protection and tighter internal controls as key priorities.


jwc@heraldcorp.com