Pushed down from the top 30 in the business community to a mid-sized company, the Woongjin group is shifting into a second-generation Oner management system and moving to revive. It plans to add the funeral mutual aid business to its existing education and publishing-centered structure to grow into a "lifecare group" that spans customers' entire lives.
At the center of the group's rebuilding is Vice Chair Yun Sae-bom (47), the second son of founder and Chair Yun Seok-geum (81) of the Woongjin group. Vice Chair Yun now handles day-to-day management as CEO of the group holding company, Woongjin. Yun is the largest shareholder, holding 16.30% equity in Woongjin. About 10 years ago, Yun married actor Yu Seol-a, drawing attention as a meeting between a second-generation chaebol and an entertainer.
Vice Chair Yun's older brother, Vice Chair Yun Hyeong-deok (49) of Lexfield Country Club, who holds 12.88% equity in Woongjin, also forms one pillar of the group.
The two brothers control affiliates through the holding company Woongjin, including education and publishing corporations Woongjin Thinkbig, leisure company Woongjin Playdoci, golf course operator Lexfield Country Club, and cosmetics maker Woongjin Hucalm. Woongjin Thinkbig also owns book wholesaler Woongjin Book Center and English education specialist Woongjin Compass. Woongjin Preed Life, a funeral mutual aid company acquired by the Woongjin group in June last year, is controlled through WJ Life, a wholly owned subsidiary of Woongjin.
◇ second-generation Yun Sae-bom steps to the fore… Preed Life acquisition is the "signal flare" of revival
Chair Yun Seok-geum of the Woongjin group does not hold equity in Woongjin. After the group entered corporate rehabilitation in 2012 amid a liquidity crisis, Yun transferred all his holdings to his two sons during business restructuring. He now makes final decisions on management issues as the group head and sets the group's strategic direction.
The second-generation management system at Woongjin took full shape starting in 2023. Vice Chair Yun Sae-bom, who joined Woongjin Thinkbig in 2009, served as head of planning and coordination and became CEO of Woongjin Thinkbig in 2016. In 2023, Yun rose to CEO of Woongjin and moved to the forefront of group management, then was promoted to vice chair in Dec. last year.
Vice Chair Yun led the digital transformation (DX) of the education business. Yun introduced Woongjin Book Club, a membership reading and learning program combined with digital devices, and recently launched AI-based reading platforms such as Bookstory, pushing Woongjin Thinkbig's transformation.
The Woongjin group expanded its business portfolio by acquiring Woongjin Preed Life in June last year. The acquisition was reportedly led by Vice Chair Yun Sae-bom. Just as founder Chair Yun Seok-geum grew the group into the top 30 in the business community through aggressive mergers and acquisitions (M&A), the second-generation Oner is also seen as making M&A a core growth driver.
In particular, as the school-age population declined due to low birthrates and growth in the Woongjin group's elementary-focused education business slowed, it chose the funeral mutual aid business as a new growth axis to secure stable cash flow. It was a strategic decision to diversify the business portfolio away from an education and publishing-centered structure. Vice Chair Yun Sae-bom currently serves on the board of directors at Woongjin Preed Life and is said to be directly overseeing overall management after the acquisition.
◇ amid sluggish core affiliates, the key is creating synergy in funeral mutual aid
There are also tasks for Vice Chair Yun Sae-bom. Growth at the core affiliate Woongjin Thinkbig has stalled. Woongjin Thinkbig's revenue fell from 933.2 billion won in 2022 to 797.3 billion won in 2025, and during the same period operating profit swung from a 27.5 billion won surplus to a 10.4 billion won loss. Restoring competitiveness in the existing main business is urgent.
The settling of Woongjin Preed Life, acquired last year for 880 billion won, and the creation of group synergies are also being tested. The Woongjin group said it will expand beyond simple funeral services to a comprehensive lifecare business covering the full customer life cycle, including weddings and senior care. Recently, it entered the wedding business by joining T&W Korea, a wedding and catering specialist, as a strategic investor.
Some have raised concerns about the acquisition structure. Of the 880 billion won purchase price for Woongjin Preed Life, the Woongjin group financed about 600 billion won with acquisition financing using a leveraged buyout (LBO). If future results fall short of expectations or interest rate hikes increase financing costs, the group's financial soundness could be shaken, critics said.
A business community source said, "The Woongjin group must prove its comprehensive lifecare strategy with tangible performance improvements rather than mere slogans," and added, "Given the precedent of a financial crisis after past aggressive M&A, conservative management that prioritizes financial soundness over external expansion is needed."