Yim Jong-yong has been reappointed as chairperson and CEO of Woori Financial Group for another three-year term. Shareholders approved his reappointment at the company’s annual general meeting held on Monday.
Woori Financial Group confirmed that Yim Jong-yong commenced his second term on the same day, following the shareholder vote during the morning meeting.
His reappointment was widely anticipated. He was previously named the sole final candidate by the group’s executive recommendation committee. Furthermore, key proxy advisory firms, including ISS and Glass Lewis, had endorsed his extension prior to Monday’s vote.
The company reported that Yim’s reappointment received support from 99.3 percent of the shareholders present at the meeting. The meeting saw attendance from shareholders representing 79.39 percent of the company’s voting shares.
Shareholders also approved the appointment of Ryu Jung-hye and Jung Yong-geon as new outside directors.
An amendment to the company’s articles of incorporation, which tightens the requirements for a third consecutive term as CEO, was also passed. According to the revised regulations, a third reappointment now necessitates a special resolution rather than an ordinary one. This implies that at least one-third of all outstanding shares must be represented, and two-thirds of the shareholders present must vote in favor.
Woori Financial Group is the first financial holding company to modify its regulations concerning CEO reappointment. This move comes amidst regulatory pressure to enhance oversight and improve the independence and transparency of the process.
In a letter addressed to staff that day, Yim Jong-yong outlined his core strategies for the upcoming three years. These include expanding productive finance, accelerating the transformation through artificial intelligence, and reinforcing group synergies.
Forgoing any celebratory events, Yim began his new term by visiting Telepix, an AI-powered space solutions startup. This visit highlighted his commitment to expanding productive finance, particularly in advanced strategic industries. Productive finance is a government-led initiative aimed at channeling funds into investments that boost productivity, as opposed to traditional interest-based lending.
Key accomplishments during Yim’s first term include the addition of securities and insurance units to the Woori Financial Group portfolio. In 2024, Woori Investment & Securities was established through the merger of Woori Investment Bank and the digital-only Korea Foss Securities. Last year, the group acquired controlling interests in Tongyang Life and ABL Life, integrating them into the group.
These strategic changes are projected to result in measurable improvements in profitability, especially through a more robust non-banking business mix during Yim’s second term.
“I am acutely aware of the gravity of my responsibility,” stated Yim in his letter, emphasizing unwavering internal governance and consumer protection as essential to maintaining trust, which he considers the bedrock of finance.
He noted that his initial three years were dedicated to laying the foundation for Woori as a comprehensive financial group. This involved privatization, improving capital ratios, and expanding the business. The next three years, however, will focus on building competitiveness and establishing Woori as a leading financial group. He pledged to dedicate this period to “leaving behind a Woori Financial Group that employees could be even more proud of.”
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