Woori Financial Group said Friday that Yim Jong-ryong, a high-profile, retired financial bureaucrat, has been nominated as the firm s next chief. A former Financial Services Commission (FSC) chairman, Yim will be officially appointed for a three-year term at the financial holding company if he receives confirmation from shareholders and the board of directors in their meeting on March 24.
Lim Jong-ryong, former chief of the Financial Services Commission (FSC), declared his interest in becoming Woori Financial Group s next chairman, citing his competitive edge in mapping out a balanced and neutral management vision. “I have an objective and neutral mindset when it comes to managing a financial organization, which was proven by my broad range of experiences at government organizations and NH Financial Group,” Lim told The Korea Times during a telephone interview.
Woori Financial Group reportedly longlisted eight candidates for its next chairman, after incumbent Chairman Son Tae-seung expressed his intention of stepping down from the post at the end of his term. According to sources in the financial industry, the candidates include five executives from within its ranks, and three outside figures. Among them are Woori Bank CEO Lee Won-duk and former Financial Services Commission Chairman Lim Jong-ryong.
The Korean Financial Industry Union (KFIU), together with the unions of financial companies, are raising voices of criticism and protest against the Yoon administration meddling in the appointments of the heads of the major financial groups.