Woori chair wins second term, doubles down on AI, productive finance

Woori Financial Group CEO Yim Jong-yong (left) visits Telepix headquarters in Yeouido, Seoul, Monday. (Woori Financial Group)

Yim Jong-yong secured another three-year term as chairperson and chief executive of Woori Financial Group, after shareholders approved his reappointment at the company's annual general meeting on Monday.

Woori said Yim began his second term the same day following a vote at the morning shareholders meeting.

His reappointment had been widely expected after he was named the sole final candidate by the group's executive recommendation committee, with major proxy advisers including ISS and Glass Lewis backing his extension ahead of Monday's vote.

The company said Yim's reappointment won support from 99.3 percent of shareholders present at the meeting, which was attended by holders of 79.39 percent of voting shares.

Shareholders also approved the appointment of new outside directors Ryu Jung-hye and Jung Yong-geon.

An amendment to the articles of incorporation tightening requirements for a third consecutive term was also approved. Under the revised rule, such a reappointment now requires a special resolution rather than an ordinary resolution, meaning at least one-third of outstanding shares must be represented and two-thirds of shareholders present must vote in favor.

Woori is the first financial holding company to revise its rules on chief executive reappointment amid regulatory pressure to tighten oversight and improve the independence and transparency of the process.

In a letter to staff that day, Yim highlighted expanding productive finance, accelerating artificial intelligence transformation and strengthening group synergies as his core strategies for the next three years.

Skipping any celebratory events, Yim began his new term with a visit to Telepix, an AI-powered space solutions startup, underscoring his commitment to expanding productive finance, particularly in advanced strategic industries. Productive finance is a government-led initiative to channel funding into investments that enhance productivity rather than conventional interest-based lending.

Yim's key achievements in his first term include adding securities and insurance units. In 2024, the group launched Woori Investment & Securities through the merger of Woori Investment Bank and the digital-only Korea Foss Securities. Last year, it acquired controlling stakes in Tongyang Life and ABL Life, bringing them into the group.

Those changes are expected to translate into measurable gains in profitability, particularly through a stronger nonbanking business mix during Yim's second term.

"I am first reminded of the weight of my responsibility," Yim said in his letter, stressing unwavering internal governance and consumer protection to uphold trust as the foundation of finance.

If his first three years were spent laying the groundwork for Woori as a comprehensive financial group through privatization, improved capital ratios and business expansion, the next three will be focused on building its competitiveness as a leading financial group, he said, vowing to devote the period to "leaving behind a Woori Financial Group that employees could be even more proud of."