Banking group carries out executive reshuffle ahead of new chairman's appointment
By Yi Whan-woo
Woori Bank CEO Lee Won-duk tendered his resignation, Tuesday, in the lead-up to the official appointment of new Woori Financial Group Chairman Yim Jong-ryong who competed with Lee for the nomination last month.
Lee's decision came on the same day the banking group carried out a reshuffle of the CEOs of eight affiliates whose terms expired.
Yim's official appointment is scheduled for March 24 during an annual shareholders' meeting.
A former financial bureaucrat and disputed political appointee, Yim is highly anticipated to win the approval of shareholders.
Under the circumstances, Lee's offer to quit was seen as a surprise, because he still had 10 months remaining before the end of his tenure and he was not on the list of the reshuffle, Tuesday.
The banking group did not immediately pick Lee's successor and kept the seat empty.
It went ahead with the reshuffles at the eight affiliates whose chiefs' terms expired in December or January.
The eight were Woori Card, Woori Financial Capital, Woori Investment Bank, Woori Savings Bank, Woori Asset Trust, Woori Fund Services, Woori Private Equity (PE) Asset Management and Woori Finance Research Institute.
Some of the newly appointed CEOs were from Woori Bank, including Park Wan-sik, who had been an executive at Woori Bank's retail and institutional banking division. He was named to lead Woori Card. Cho Byung-kyu, head of Woori Bank's corporate banking division, will lead Woori Financial Capital, while Kim Eung-chul was named as chief of Woori Investment Bank.
Tuesday's reshuffle was seen as crucial to the banking group's reforms pledged by Yim in the wake of a controversy over the oligopoly within the domestic banking industry.
As flagship affiliates of their respective banking groups, banks have been at the center of the controversy as they raked in windfall profits stemming from steep interest rate hikes and yet failed to meet public expectations in helping out their customers struggling with repayments.
Woori Financial Group, the smallest of the country's four major banking groups, is also pushing to expand its non-banking business portfolio after completing more than two decades of government-led ownership and being fully privatized in December 2021.
Lee was seen as the top contender against Yim when they competed in the nomination bid in early February.
Yim led the eight-member executive recommendation committee on Tuesday, with the seven others being members of the board of directors.
By Yi Whan-woo
Woori Bank CEO Lee Won-duk tendered his resignation, Tuesday, in the lead-up to the official appointment of new Woori Financial Group Chairman Yim Jong-ryong who competed with Lee for the nomination last month.
Lee's decision came on the same day the banking group carried out a reshuffle of the CEOs of eight affiliates whose terms expired.
 |
| Woori Bank CEO Lee Won-duk / Courtesy of Woori Financial Group |
A former financial bureaucrat and disputed political appointee, Yim is highly anticipated to win the approval of shareholders.
Under the circumstances, Lee's offer to quit was seen as a surprise, because he still had 10 months remaining before the end of his tenure and he was not on the list of the reshuffle, Tuesday.
The banking group did not immediately pick Lee's successor and kept the seat empty.
It went ahead with the reshuffles at the eight affiliates whose chiefs' terms expired in December or January.
The eight were Woori Card, Woori Financial Capital, Woori Investment Bank, Woori Savings Bank, Woori Asset Trust, Woori Fund Services, Woori Private Equity (PE) Asset Management and Woori Finance Research Institute.
Some of the newly appointed CEOs were from Woori Bank, including Park Wan-sik, who had been an executive at Woori Bank's retail and institutional banking division. He was named to lead Woori Card. Cho Byung-kyu, head of Woori Bank's corporate banking division, will lead Woori Financial Capital, while Kim Eung-chul was named as chief of Woori Investment Bank.
Tuesday's reshuffle was seen as crucial to the banking group's reforms pledged by Yim in the wake of a controversy over the oligopoly within the domestic banking industry.
As flagship affiliates of their respective banking groups, banks have been at the center of the controversy as they raked in windfall profits stemming from steep interest rate hikes and yet failed to meet public expectations in helping out their customers struggling with repayments.
Woori Financial Group, the smallest of the country's four major banking groups, is also pushing to expand its non-banking business portfolio after completing more than two decades of government-led ownership and being fully privatized in December 2021.
Lee was seen as the top contender against Yim when they competed in the nomination bid in early February.
Yim led the eight-member executive recommendation committee on Tuesday, with the seven others being members of the board of directors.
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