Our Financial Next Chairman Candidates Narrowed Down to Lee Won-duk, Shin Hyun-seok, Lee Dong-yeon, and Lim Jong-ryong

Imchuwi, Shortlist Confirmed
3 Internal Candidates and 1 External Candidate in a Four-Way Race

Lee Won-duk, current CEO of Woori Bank; Shin Hyun-seok, CEO of Woori America Bank; Lee Dong-yeon, former CEO of Woori FIS; Lim Jong-ryong, former Chairman of the Financial Services Commission

[Asia Economy Reporter Kwon Hyun-ji] Woori Financial Group finalized the final shortlist of candidates for the next CEO and Chairman on the 27th. Among internal candidates are Lee Won-duk, the current CEO of Woori Bank; Shin Hyun-seok, CEO of Woori America Bank; and Lee Dong-yeon, former CEO of Woori FIS. The external candidate is former Financial Services Commission Chairman Lim Jong-ryong.

On the same day, Woori Financial held a meeting of the Executive Candidate Recommendation Committee (ECRC) at an undisclosed location in Seoul, narrowing down the next CEO and Chairman candidates to four individuals from both inside and outside the company.

The ECRC is a committee within the board of directors responsible for recommending candidates for executives including the next chairman. It consists of seven outside directors of Woori Financial: Jang Dong-woo (chairman), Noh Sung-tae, Park Sang-yong, Yoon In-seop, Jung Chan-hyung, Shin Yo-hwan, and Song Soo-young.

Among the internal candidates on the shortlist, CEO Lee has long been considered a strong contender among the eight candidates included in the initial long list. Born in 1962, Lee graduated from Gongju National University of Education High School and Seoul National University with a degree in Agricultural Economics, and joined the former Hanil Bank in 1990. Since then, he has held key positions such as head of the Treasury Department, head of Strategic Planning, head of the Management Planning Group, deputy head of the Management Planning Group at Woori Bank, and senior executive vice president at Woori Financial Group, before becoming CEO of Woori Bank last year. Having worked for over 30 years and experienced various key roles, he is highly regarded for his deep understanding of the company. As a former Hanil Bank employee, he is known to be close to Chairman Son, who has announced his retirement.

Born in 1960, CEO Shin joined Commercial Bank in 1982 and has served as deputy head of the New York branch, head of the LA branch, head of Strategic Planning, and deputy head of the Management Planning Group at Woori Bank. In 2020, he was appointed CEO of Woori America Bank. He is recognized as an expert in strategy and global affairs.

Born in 1961, former CEO Lee is also a former Hanil Bank employee who has served as head of the Credit Operations Center at Woori Bank, executive deputy head of the SME Group, and CEO of Woori FIS. He is acknowledged for his expertise in banking operations and digital sectors.

The sole bureaucrat among the candidates, former Chairman Lim entered public service after passing the 24th Administrative Examination. He has held positions such as First Vice Minister of Strategy and Finance, Chief of Staff at the Prime Minister’s Office, and Chairman of the Financial Services Commission. He also served as chairman of NH Nonghyup Financial Group for two years starting in 2013. Lim was the architect behind the privatization of Woori Bank in 2016 during his tenure as Financial Services Commission Chairman. A financial industry insider explained, "(Former Chairman Lim) is known to have a special attachment to Woori Financial as he was the one who established its current governance structure."

However, as a former government official, Lim is not free from controversy regarding government-led financial management and parachute appointments. His declaration of intent to run for chairman has sparked strong opposition from the labor union. The union previously held a press conference in front of the Yongsan Presidential Office, publicly expressing concerns that "Woori Financial might become a playground for the MOFIA (a portmanteau of the former Ministry of Finance and Economy’s English name and mafia) and old boys."

Meanwhile, Woori Financial’s ECRC plans to conduct in-depth interviews including presentations (PT) with the four shortlisted candidates on March 1, followed by additional interviews on March 3 to finalize the candidate. After the shareholders’ meeting at the end of March, the appointment process for Woori Financial’s CEO and Chairman will be completed. A financial industry official stated, "Since the notice for the shareholders’ meeting must be issued in early March, the outline of the next chairman’s appointment is expected to be revealed by February."