KakaoBank's CEO to begin 4th term in late March

KakaoBank CEO Yoon Ho-young speaks during an online press conference held at the internet-only bank's office located in Yeouido, Seoul, Feb. 15, 2022. Courtesy of KakaoBank

By Anna J. Park

KakaoBank's CEO Yoon Ho-young successfully secured his fourth two-year term that will begin later this month.

Kakao Bank announced Monday that the internet-only bank's executive appointment committee selected Yoon as the sole candidate for the bank's next chief. The decision on the digital bank's next top position will be officially confirmed at its shareholders' meeting slated for later this month.

A graduate of Hanyang University, the 51-year-old leader is often called the “father of KakaoBank” as he has been leading the digital-only bank since its beginnings. After spending his early career as Daum's vice president from 2009 to 2014, he led the Daum-Kakao task force team to launch a mobile bank from late 2014 to early 2016. Then, he became the CEO of Kakao Bank in April 2016, a position he has maintained ever since.

With his reappointment to the leading position of the digital lender, Yoon will serve another two years until March 2025, after his current two-year term finishes on March 29.

As the internet-only bank posted an operating profit of 1.6 trillion won ($1.23 billion) in 2022, which is a whopping 50.8 percent increase from the previous year, Yoon's reappointment at the helm of the bank has been largely expected within the finance industry.