Woori Bank President Replacement Process... Next Week's Outline of Next President Candidates

Jo Byung-kyu, CEO of Woori Bank, is expected to be replaced due to the fallout from the improper loan scandal involving relatives of former Woori Financial Group Chairman Sohn Tae-seung.

According to financial circles on the 22nd, directors of Woori Financial Group held a regular board meeting at the Woori Financial headquarters in Jung-gu, Seoul, in the afternoon and reportedly reached a consensus that CEO Jo’s reappointment is not possible.

CEO Jo has been leading Woori Bank since July last year, following the resignation of former CEO Lee Won-duk, but he is evaluated as not being free from responsibility in the recent improper loan incident. In particular, after assuming office, he is suspected of delaying the report to supervisory authorities despite being informed of the incident.

Notably, on the 19th, Woori Bank’s headquarters, including CEO Jo’s office, was included in additional seizure and search targets. CEO Jo himself was also registered as a suspect on charges of failing to immediately report to financial authorities the illegal loan process he was aware of after taking office (violation of reporting obligations under Article 12 of the Act on the Aggravated Punishment of Specific Economic Crimes).

Meanwhile, the next candidate for Woori Bank CEO is expected to be revealed around next week. Currently, representatives of major Woori Financial affiliates, holding company executives, and some deputy CEOs of Woori Bank are being mentioned as potential candidates, both internal and external. A Woori Financial official said, "In accordance with governance best practices, the final candidate should be recommended by at least the end of this month," adding, "At present, it seems unlikely that a long list or short list will be separately disclosed."