December 22, 2024

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BC Card CEO Choi Won-seok (BC Card)

BC Card, one of South Korea's leading card issuers, has confirmed the reappointment of CEO Choi Won-seok for another term.

The company announced Tuesday that its executive nominee recommendation committee selected Choi as the sole candidate for the CEO position.

This will mark Choi's fourth consecutive term since he took office in March 2021, and the first time a BC Card CEO has served a fourth term since the company joined KT Group in 2011.

The committee selected Choi as the nominee, citing his extensive finance experience, alignment with the company’s vision, commitment to public interest and sound management, as well as his leadership and innovative mindset, noting that he meets the qualifications outlined in BC Card’s CEO succession regulations.

Choi, a financial data expert, joined BC Card in 2021 from FnPricing, the financial product evaluation platform he founded in 2011. Previously, he worked at various financial research institutions and securities firms.

His reappointment comes as the domestic card industry faces pressure to find new profit sources, with the company likely seeking innovation and stable growth under Choi's leadership. His efforts to diversify BC Card’s business structure, particularly by expanding into the proprietary card business, have helped the company increase its profits. As a result, BC Card's cumulative net profit for the third quarter surged 85.8 percent on-year to 129.3 billion won ($90.1 million).

A key challenge Choi faces is the delayed market listing of the online-only K bank, in which BC Card holds the largest 33.72 percent stake. K bank’s initial public offering attempt failed again in October, marking its second setback after a similar failure in 2022.

K bank's IPO is crucial for BC Card’s future, as the card issuer is required to repurchase 725 billion won worth of K bank shares from financial investors if the bank fails to list by July 2026. The company appears to have opted to retain CEO Choi, who has a deep understanding of its internal dynamics, to navigate the process amid heightened market volatility.

Choi's reappointment is to be finalized at a shareholders meeting in March.

By Choi Ji-won (jwc@heraldcorp.com)