Hello, I am Jun Ji-hye, a reporter at The Korea Times. I primarily cover financial authorities and write articles on a wide range of topics related to finance and capital markets. If you have any information to share, feel free to email me at jjh@koreatimes.co.kr, and I will review it carefully. I am committed to always doing my best to communicate with readers through high-quality articles.
KakaoBank CEO secures fifth consecutive term
KakaoBank CEO Yun Ho-young speaks during the firm's press conference at Fairmont Ambassador Seoul, April 18, 2023. Yonhap
By Jun Ji-hye
KakaoBank announced Wednesday that CEO Yun Ho-young has been granted a fifth consecutive term, allowing him to remain at the helm until March 2027. Yun has been leading the company since 2016.
The executive nomination committee of Korea’s largest internet-only bank recommended Yun on Friday as the sole candidate to be the next CEO.
If confirmed at the upcoming shareholders’ meeting on March 26, Yun will secure a fifth consecutive term. His current term is set to expire on March 28, but he will now serve an additional two years, extending his tenure until March 28, 2027.
“The final appointment procedure is being prepared for the shareholders’ meeting,” a KakaoBank official said.
Yun played a key role in establishing the internet-only bank as vice president of the Kakao mobile bank task force and has been leading the bank since 2016.
The nomination committee evaluated Yun as an insightful financial-IT convergence expert who participated in the bank’s founding stage.
It said he has led changes and innovation in the domestic financial market and actively practiced inclusive finance, providing 13 trillion won ($8.9 billion) in credit loans to low- and medium-credit score customers.
He was also praised for unveiling a value-up plan centered on growth, presenting a blueprint for innovation in customer experience and user-centered services, and laying out a vision for the company’s leap toward becoming a comprehensive financial platform.
In November, Yun announced a mid- to long-term strategy and value-up plan, setting goals to achieve an AI-first strategy, reach 30 million customers and accumulate 100 trillion won in assets by 2027.