Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
IBK chief vows innovation, change
Industrial Bank of Korea (IBK) CEO Yoon Jong-won speaks during his inaugural ceremony at IBK headquarters in Seoul, Wednesday. / Yonhap
By Park Jae-hyuk
By Park Jae-hyuk
Industrial Bank of Korea (IBK) CEO Yoon Jong-won finally attended his inaugural ceremony Wednesday, 27 days after he was appointed to lead the state-run lender.
The new chief executive said he will organize a taskforce for “innovative financing” as part of efforts to improve his company's competitiveness.
“As Bill Gates said, banking is necessary, but banks are not. Banks that refuse to change themselves will disappear,” Yoon said, promising to speed up his company's decision-making process and improve its flexibility.
The CEO also emphasized “ethical management,” saying: “Even if a company is the world's best, customers will turn away from it if it violates the law or conducts unethical behavior.”
He mentioned credibility, ability, people and systems as necessities to achieve these goals.
Yoon also said IBK should accept experts from outside the company.
During the ceremony, IBK union leader Kim Hyung-seon apologized to Yoon, promising the union will support his reform drive.
IBK union members had blocked Yoon from entering the bank's Seoul headquarters over the past three weeks, denouncing him as a “parachuted bureaucrat” without any practical experience in the banking industry.
After Yoon guaranteed an improvement in working conditions Monday, the CEO could finally enter his office, applauded by 400 employees, including the union leader.
After the ceremony, Yoon told reporters he feels both pressured and honored, because he is now able to do the job of supporting small and medium enterprises, which he has regarded as an important task since he was a government official.
On the same day, Yoon visited IBK's Guro branch in southwestern Seoul and the IBK ChangGong Guro, an office space the state-run bank has offered to startups.
He also visited ALLT, a nuts and bolts supplier supported by the IBK's startup accelerator program.