Former Financial Services Commission Chairman Lim Jong-ryong Appointed as Next Chairman of Woori Financial Group

Imchuwi "The Right Person to Innovate Woori Financial"
To Assume Office After Approval at the General Meeting on the 24th Next Month

[Asia Economy Reporter Kwon Hyun-ji] Former Financial Services Commission Chairman Lim Jong-ryong has been nominated as the next chairman of Woori Financial Group. He received high praise for his ability to lead internal reform at Woori Financial as an external financial expert.

The Woori Financial Group Board of Directors' Nomination Committee held a meeting at an undisclosed location in Seoul on the 3rd and decided to recommend former Chairman Lim as the final candidate for the next chairman of Woori Financial. Lim will assume office after approval at the regular shareholders' meeting scheduled for the 24th of next month, with a term of three years.

The nomination committee members evaluated former Chairman Lim as the right person to reform Woori Financial. The committee explained, "For Woori Financial to boldly innovate its organization, it is suitable to have someone who can objectively diagnose the organization and proactively lead reform." It appears they judged that bringing in an external figure was necessary to change the stagnant atmosphere caused by incidents such as the DLF and Lime fund scandals, an employee embezzlement case involving about 7 billion won, and workplace power abuse issues.

Born in 1959, former Chairman Lim graduated from Yonsei University with a degree in economics and entered public service by passing the 24th Administrative Examination. He is a career bureaucrat who served as the 1st Vice Minister of Strategy and Finance and Chief of Staff at the Prime Minister's Office. He also has expertise in finance, having served as the Financial Services Commission Chairman and Chairman of NH Nonghyup Financial Group.

The controversy over government control remains a challenge for former Chairman Lim to resolve. There are criticisms inside and outside Woori Financial that it is contradictory for an external figure like Lim to come to Woori Financial Group, which has achieved full privatization. Lim laid the foundation for Woori Financial's privatization during his tenure as Financial Services Commission Chairman. The Woori Bank labor union has even announced plans to block Lim's entry to work.

The nomination committee narrowed down the chairman candidates to four internal and external figures on the 27th of last month. Internal candidates included Lee Won-duk, President of Woori Bank, and Shin Hyun-seok, Head of Woori America Corporation. External candidates included Lee Dong-yeon, former President of Woori FIS, and former Chairman Lim. Lim has long been considered a leading candidate alongside President Lee.