By Yi Whan-woo
Woori Financial Group will convene a meeting, Thursday, to select a pool of candidates for its new chairman, the banking group said Tuesday. The meeting comes as incumbent Chairman and CEO Son Tae-seung's term ends in March.
About 10 prospective candidates are anticipated to be recommended by the firm's CEO nomination committee. Of the 10, eight are likely to be from the group's headquarters as well as its affiliates, and the remaining two from outside the lender.
"The committee will then try to shortlist the candidates to three to four in a follow-up meeting, possibly on Jan. 27, and finalize a single, successful nominee shortly afterward," a banking group source said on condition of anonymity.
He said no further details concerning the Thursday gathering will be disclosed, including the list of the potential candidates.
The sources familiar with the matter speculated Son, who is serving his second, three-year term, may seek a third term. He is expected to be joined by other high-profile figures at Woori Financial Group, including Woori Bank CEO Lee Won-duk.
Son did not say whether he will compete in the leadership race amid pressure from financial authorities to take responsibility for the mis-selling of risky Lime Asset Management funds by Woori Bank in 2019. He was doubling as the head of Woori Bank and Woori Financial Group back then.
Son received a verbal warning from the Financial Services Commission (FSC) in November 2022 over the case. The warning bars him from holding positions at financial companies for three years when his current term ends.
The warning stirred controversy as Son won a series of lawsuits against the FSS over a separate case of Woori Bank's mis-selling of high-risk, derivative-linked funds (DLFs). There has been speculation that the Yoon Suk Yeol administration is trying to find an excuse to replace him with pro-government figures. Amid such controversy, Son sought to file an injunction against the warning. The FSC reiterated its view that he should take responsibility for the case as the CEO.
Woori Financial Group will convene a meeting, Thursday, to select a pool of candidates for its new chairman, the banking group said Tuesday. The meeting comes as incumbent Chairman and CEO Son Tae-seung's term ends in March.
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| Woori Financial Group Chairman and CEO Son Tae-seung / Courtesy of Woori Financial Group |
"The committee will then try to shortlist the candidates to three to four in a follow-up meeting, possibly on Jan. 27, and finalize a single, successful nominee shortly afterward," a banking group source said on condition of anonymity.
He said no further details concerning the Thursday gathering will be disclosed, including the list of the potential candidates.
The sources familiar with the matter speculated Son, who is serving his second, three-year term, may seek a third term. He is expected to be joined by other high-profile figures at Woori Financial Group, including Woori Bank CEO Lee Won-duk.
Son did not say whether he will compete in the leadership race amid pressure from financial authorities to take responsibility for the mis-selling of risky Lime Asset Management funds by Woori Bank in 2019. He was doubling as the head of Woori Bank and Woori Financial Group back then.
Son received a verbal warning from the Financial Services Commission (FSC) in November 2022 over the case. The warning bars him from holding positions at financial companies for three years when his current term ends.
The warning stirred controversy as Son won a series of lawsuits against the FSS over a separate case of Woori Bank's mis-selling of high-risk, derivative-linked funds (DLFs). There has been speculation that the Yoon Suk Yeol administration is trying to find an excuse to replace him with pro-government figures. Amid such controversy, Son sought to file an injunction against the warning. The FSC reiterated its view that he should take responsibility for the case as the CEO.
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