Overcoming Harsh Conditions to Improve Performance... Jung Won-jae, President of Woori Card, Reappointed

Impact on Box Office Hits Such as 'Card-ui Jeongseok'

[Asia Economy Reporter Ki Ha-young] The final piece in the appointment of CEOs at financial holding company-affiliated card companies has been completed. Jung Won-jae, president of Woori Card, has succeeded in his reappointment. In fact, there were expectations that his reappointment might not be easy, as Jung was listed as a candidate for the president of Woori Bank amid governance risks triggered by Woori Financial Group Chairman Sohn Tae-seung, but ultimately was not selected. However, having led Woori Card since 2018 and achieved clear results such as the success of the "Card-ui Jeongseok" series and performance improvements despite difficult market conditions, he has been recognized and entrusted with the leadership once again.

According to the industry on the 13th, on the 11th, Woori Financial Group’s Executive Candidate Recommendation Committee decided on Jung’s reappointment. With this successful reappointment, Jung will serve as CEO of Woori Card for one more year.

The background of Jung’s reappointment includes noticeable performance improvements despite harsh management conditions. Even amid worsening market conditions such as merchant fee reductions, the company focused on its core card business, expanded its consumer base, and elevated its market dominance to the next level.

The "Card-ui Jeongseok" series, led by Jung, is a representative example. Launched in April 2018, Card-ui Jeongseok was a product directly overseen by Jung from planning to marketing. It surpassed 1 million accounts within five months of launch and exceeded 5 million issued cards in just 1 year and 8 months, setting a record as the fastest million-seller. As of the 11th, the total number of issued cards stands at 5.65 million.

Jung also tackled reducing dormant customers through retention marketing. Last year, he established the Retention Marketing Department, targeting new members and customers who had not used their cards for over six months by utilizing big data-driven marketing. As a result, the number of active members has also been on the rise. Last year, Woori Card’s active members reached 7.214 million, an increase of 290,000 (4.2%) compared to 6.924 million the previous year.

Credit card assets have steadily increased as well. Among them, credit sales (Shinpan) assets increased by nearly 200 billion KRW in the fourth quarter alone last year. As of the end of last year, out of total credit card assets of 8.4 trillion KRW, Shinpan accounted for 5.2 trillion KRW, or 61.9%. With the increase in card issuance and credit card assets, the company also succeeded in defending its performance. Last year, Woori Card’s net profit was 114.2 billion KRW, decreasing by only 9.7% compared to the previous year.

Having succeeded in his reappointment, Jung plans to focus on accelerating "digital innovation" this year. In his New Year’s address, Jung stated, "We plan to expand the digital organization, strengthen digital marketing, and respond to changes in the digital financial ecosystem through rapid business execution in data-based business areas." Alongside this, he plans to diversify revenue bases by targeting the automobile lease and rental market and expanding the Fee-biz business.

This content was produced with the assistance of AI translation services.