Woori Financial Group on Tuesday unveiled its shortlist for its next chair, naming current Chair and CEO Yim Jong-yong and banking chief Jung Jin-wan among the four candidates.
The list also includes two external contenders whose names were withheld for privacy reasons.
The nominations follow the launch of the group’s succession process in late October, during which the executive nomination committee reviewed candidates’ management performance through internal and external evaluations, results from the chief executive development program and reputational and leadership assessments. After conducting final interviews on Dec. 1, the committee confirmed the four-person shortlist on Monday.
Lee Kang-haeng, who chairs the committee, said the process was carried out “with independence and fairness, in line with governance best practices reflected in the group’s succession rules,” adding that the committee took additional steps for external candidates to improve their access to information and ensure fairness.
Industry insiders largely expect Yim to secure a second term. Strong assessments of his leadership are frequently cited, particularly his drive to rebuild the group’s nonbanking portfolio by relaunching its securities and insurance units. Woori launched Woori Investment & Securities in August 2024 and incorporated Tongyang Life Insurance and ABL Life Insurance as subsidiaries in July.
Analysts add that continuity under a second term would help Woori further develop its newly revived securities and insurance businesses, while staying on course with its value-enhancement and profitability plans.
Yim is also seen to enjoy solid internal support, not only from a business perspective, but also in terms of risk management, particularly for his handling of the group during a recent high-profile improper loan scandal involving a former chair. His efforts to improve governance structures and employee cohesion have likewise been viewed positively.
Meanwhile, observers see it unlikely that Woori Bank CEO Jung will leapfrog into the top role, given that he was only appointed banking chief in January with a two-year term. His relatively young age, 57, is also seen as a hurdle in an industry where the heads of the four major financial groups are typically in their 60s or older.
The committee will now undertake a monthlong assessment of the four candidates, including interviews with external experts, candidate presentations on management plans and in-depth interviews, before holding deliberations to determine the final nominee.
The selected candidate will be put to a vote at the regular shareholders meeting in March, where the appointment will be finalized.
jwc@heraldcorp.com
