Woori Bank Replaces Compliance Officer... "Responsible for Internal Control"

"Reshuffle Personnel Executed"
Kimhae Financial Center Sales Headquarters Head and Internal Control Branch Manager Involved in Embezzlement Incident Also Subject to Personnel Measures
4 Underperforming Headquarters Heads and 21 Branch Managers Suspended from Duties
66 New Branch Managers Promoted

Woori Bank announced on the 5th that it has abruptly replaced the Compliance Officer responsible for internal control duties in its regular personnel reshuffle for the first half of the year. The bank explained that it has reaffirmed its commitment to establishing a performance-oriented personnel culture by taking extensive personnel actions against underperforming division heads and branch managers.

Park Gu-jin, the Compliance Officer, voluntarily resigned, taking moral responsibility for the financial accident that occurred last month at the Gimhae Financial Center. This position will be filled by Jeon Jae-hwa, Compliance Officer of Woori Financial Group. Personnel accountability was enforced by reassigning former and current approval line members, the relevant business division heads, and internal control branch managers involved in the incident to rear positions. Jeong Kyu-hwang was appointed as the Audit Division Head of Woori Financial Group, and Jeong Chan-ho was appointed as Vice President and Audit Division Head.

Four division heads and 21 branch managers with poor performance were also excluded from their duties and reassigned to rear positions. According to Woori Bank, this reflects the performance-oriented personnel principle emphasized by President Cho Byung-kyu: “Clear rewards for outstanding performance, firm accountability for poor performance.”

Additionally, through personnel changes involving 66 promotions and about 150 transfers at the branch manager level, the bank plans to strengthen organizational morale and ensure that all employees focus on sales.

Along with the personnel overhaul of the internal control line, Woori Bank stated that it will make every effort to prevent recurrence of accidents by thoroughly reviewing the entire system from the ground up.

After announcing the personnel changes, President Cho sent an email to employees saying, “What we need now is the right mindset and a sense of responsibility,” and added, “As the bank president, I will take greater responsibility and do my best to restore customer trust and sales capabilities.”