Woori Financial Group to Hold Nominating Committee on 26th
‘Former Commercial Bank Executive’ Highly Rated for Corporate Sales Skills
Considering Strengthening Internal Controls After ‘70 Billion KRW Embezzlement’
Completing Lim Jong-ryong’s ‘Management Succession Program’ Over 2 Months
Cho Byung-kyu, CEO of Woori Financial Capital, has been recommended as the final candidate for the next president of Woori Bank. He was recognized as the ideal person to work closely with Woori Financial Group Chairman Lim Jong-ryong, receiving high marks for his corporate sales capabilities.
Woori Financial Group announced on the 26th that its subsidiary CEO candidate recommendation committee (Sub-Committee) made this decision. Cho is expected to begin his term following approval at the shareholders' meeting scheduled for July 3.
Born in 1965, he graduated from Gwanak High School and Kyung Hee University with a degree in Economics. He joined the Commercial Bank in 1992 and has held various positions including branch manager of Sangil Station Branch of Woori Bank, corporate branch manager at the head office corporate sales division, head of the large corporate credit department, head of strategic planning, head of the Gangbuk sales division, and executive vice president of the corporate group. In March of this year, he was appointed CEO of Woori Financial Capital.
Cho particularly stood out in sales performance. During his tenure as branch manager at Sangil Station Branch, he led the branch to become the top-performing branch, and as corporate branch manager at the head office corporate sales division, he achieved first and second place in all bank KPIs (Key Performance Indicators), proving his sales capabilities. Woori Financial Group stated, “Sales capability was the top priority in the bank president selection process,” and added, “Cho has outstanding experience and vision in corporate sales.” After being recommended as a candidate, Cho said, “I will devote all my efforts to reviving Woori Bank’s reputation in corporate finance and will do my best to create a new corporate culture together with Chairman Lim.”
Cho’s appointment also reflects Woori Financial Group’s decision to strengthen internal controls following the disgrace caused by an employee embezzlement case involving approximately 70 billion KRW. From 2018, he served as a compliance officer for two years, during which he led the upgrade of the Anti-Money Laundering Department to the Anti-Money Laundering Center and introduced the KYC (Know Your Customer) system, the first of its kind among domestic banks. He worked to develop the compliance monitoring system by expanding the Compliance Support Department into the Compliance Monitoring Office and establishing a compliance monitoring team directly under the group head.
Additionally, he received high praise for practicing win-win finance by launching ‘One Biz Plaza,’ the first supply chain finance platform (SCF) in the financial sector that connects large corporations and small and medium-sized enterprises, and for implementing various SME support policies during the COVID-19 pandemic.
Since March, Woori Financial Group has been conducting a new bank president selection process called the ‘Management Succession Program’ for two months. This followed the resignation offer from the current Woori Bank President Lee Won-duk, who sought to ease Chairman Lim’s management burden ahead of Woori Financial Group’s organizational restructuring.
On March 24, Woori Financial Group placed four candidates on the longlist for the next bank president: Lee Seok-tae, head of Woori Bank’s domestic sales division; Kang Shin-guk, head of Woori Bank’s corporate investment finance division; Park Wan-sik, CEO of Woori Card; and Cho Byung-kyu, CEO of Woori Financial Capital. They underwent in-depth interviews by external experts, reputation checks, and competency evaluations. Based on the evaluation results, Lee and Cho were shortlisted the day before. The Sub-Committee conducted in-depth interviews with these two candidates on the day of the announcement.
Woori Financial Group stated, “Based on this experience, we will further advance the Management Succession Program and develop it as an opportunity to establish a new corporate culture.” The Sub-Committee for appointing the new CEO of Woori Financial Capital, which will become vacant, is also scheduled to be held soon.
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