Woori Financial Group Chairman Yim Jong-ryong delivers an inauguration speech at the group’s head office in central Seoul on March 24. Photo courtesy of Woori Financial Group

Former financial regulator vies to build new corporate culture

Former Financial Services Commission chief Yim Jong-ryong has inaugurated as the new Chairman of Woori Financial Group, one of the country’s big four financial conglomerates.

The former regulator vowed to create a new corporate culture in his inauguration speech at the group’s head office in downtown Seoul.

“As a bureaucrat, I worked on the creation of Woori Financial Group. As the Financial Services Commission chief, I also put forth efforts for the privatization of Woori,” Yim said.

“As I have become a new family member of Woori in a fresh way, I will do my best for members of the financial group down the road.”

Yim stressed trust as his top management principle.

“We are required to improve our management system so that we will be able to check potential risks early on. Toward that end, the internal control system is crucial,” Yim said.

“We will innovate any problems in personnel management, evaluation, internal control, and power transfer.”

Yim was nominated as Woori chief in early February and started his three-year stint at the board meeting on March 24.

Before heading the Financial Services Commission, he served as the boss of NH Financial Group. He also worked as an advisor at the country’s major law firm Yulchon.

Yim studied economics at Yonsei University and worked as a financial bureaucrat before serving as the Minister for Government Policy Coordination between 2011 and 2013.

The publisher studied Korean history in Seoul and management of business administration in the United Kingdom. He has 20-year experiences in the media business. Kim can be reached at voc200@gmail.com or 82-2-6956-6698.