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.
Woori Financial Group s next chairman nominee Yim Jong-ryong stands to be tasked with a drastic organizational reshuffle and non-banking portfolio expansion if he takes the position, a possibility that could become reality by as early as March. Yim has been nominated as the sole candidate for the position last week to replace outgoing Chairman Son Tae-seung. Woori s decision to nominate the former bureaucrat, however, has taken the flak, as Son was forced to leave the group in response to repeated political pressure from financial authorities.
Woori Financial Group confirmed the shortlist for its next chairman, Friday, with four contenders vying for the leadership of the financial holding firm. The four candidates included Woori Bank CEO Lee Won-duk, Woori America Bank CEO Shin Hyun-seok, former Woori FIS CEO Lee Dong-yeon and former Financial Services Commission (FSC) Chairman Lim Jong-ryong.
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.
Loan guarantees among affiliates of Korea s top 30 conglomerates surged nearly 21 percent in the first nine months of the year due to a credit crunch stemming from high interest rates, a corporate tracker said Wednesday.