Kwon Kwang-seok Reappointment as Woori Bank President Virtually Confirmed... Additional Term is 1 Year

Choosing Organizational Stability, Kwon Kwang-seok Bank President Virtually Confirmed for Reappointment
Final Confirmation at the 25th General Meeting of Shareholders... Task of Performance Recovery

[Asia Economy Reporter Wondara] Kwon Kwang-seok, CEO of Woori Bank, has been virtually confirmed for reappointment. Although a two-year renewal was initially proposed, the final decision was for a one-year extension.

Woori Financial Group announced on the 4th that its Subsidiary CEO Candidate Recommendation Committee (Sajuwi) recommended CEO Kwon as the final candidate for Woori Bank's CEO position.

The Sajuwi recommended CEO Kwon citing his efforts to stabilize the organization and strengthen its fundamentals despite the challenging internal and external financial environment following the COVID-19 pandemic. They also highlighted his swift response to the rapidly changing digital environment by establishing the Digital Transformation (DT) Promotion Team to enhance digital and platform competitiveness from the customer's perspective. Additionally, as part of channel innovation, the introduction of the "Gati Group (VG)" system, a collaborative framework among branches to provide advanced financial services to customers, has strengthened sales capabilities. Continuity in management was also considered.

Woori Financial Group's Sajuwi stated, "Considering last year's poor business performance and the importance of recovering this year's performance, we recommended CEO Kwon as the final candidate to extend his term by one year to enable recovery of business results."

Although a two-year renewal was initially discussed, the decision to extend by one year, as was the case last year, was explained as "last year was for organizational stability, and this year it means to achieve better business performance." CEO Kwon's reappointment will be finalized at the bank's Executive Recommendation Committee and Board of Directors meetings on the 5th, and at the regular shareholders' meeting scheduled for the 25th.

Meanwhile, the Sajuwi recommended Kim Kyung-woo, the current CEO (with a one-year term), as the final candidate for CEO of the subsidiary Woori Private Equity Asset Management.

CEO Kim has served as CEO of Woori Private Equity Asset Management since March 2018, after working at overseas financial investment firms such as JP Morgan and Morgan Stanley. He has been recognized for continuous performance improvements, including turning a profit in 2020, and successfully secured reappointment.

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