Jung Jin-wan, Executive Vice President of the Small and Medium Enterprise Group at Woori Bank, has been recommended as the next candidate for Woori Bank President.
Woori Financial Group announced on the 29th that its Subsidiary CEO Candidate Recommendation Committee (Sajuwi) held a meeting and recommended Executive Vice President Jung as the next candidate for Woori Bank President. In accordance with the ‘Subsidiary CEO Management Succession Plan,’ Woori Financial Group progressively narrowed down the pool of candidates for the Woori Bank President position into a first-round candidate group (longlist) and a final candidate group (shortlist), while conducting objective and multifaceted competency evaluations of the candidates through the ‘Bank President Candidate Selection Program.’
The Sajuwi stated, “In compliance with the financial authorities’ governance best practice guidelines, the bank president succession process was initiated at the end of September. Subsequently, after the current President Cho Byung-kyu conveyed his intention not to seek reappointment to the board, and considering recent internal control issues, the selection process has focused on ‘organizational renewal’ and ‘generational change.’”
Candidate Jung Jin-wan was born in 1968 and graduated from Kyungpook National University with a degree in law. He joined the bank in 1995 and has held various positions including Branch Manager of Jongno 3-ga, Head of Institutional Sales Strategy Department, Head of SME Strategy Department, Head of Samsung-dong Financial Center, Head of Teheran-ro Financial Center, and Head of Headquarters Sales Department. He currently serves as Executive Vice President of the Small and Medium Enterprise Group.
According to Sajuwi, Candidate Jung has extensive experience in domestic and international sales sites, equipping him with the sales capabilities required by Woori Bank. In particular, he possesses outstanding strategic mindset and execution power based on long experience and excellent expertise in the SME finance sector. He is also regarded as a practical and field-oriented leader who values work efficiency and sincere communication over formalities.
The Woori Financial Group Sajuwi said, “As a current key executive, we focused on securing management continuity and appointing a young ‘generational change-type bank president’ to renew the organization. We concentrated on finding the most suitable candidate among the pool.” They added, “Candidate Jung, born in 1968, is the youngest among the candidates and holds a good reputation both internally and externally. He received high praise in expert in-depth interviews, management plan presentations (PT), and detailed interviews. We judged him to be the best fit to drive organizational renewal including corporate culture innovation and to implement a corporate finance-centered sales strategy.”
Candidate Jung emphasized internal control innovation and organizational culture reform as his primary goals. He stated, “To restore the bank’s trust, which has been damaged by a series of recent financial accidents, I will prioritize comprehensive innovation of internal controls and reorganization of corporate culture.” He added, “Through innovative organizational restructuring and performance-based personnel reforms, I will enhance Woori Bank’s core competitiveness and transform it into a trusted bank.”
Meanwhile, after being recommended by the Woori Financial Group Sajuwi, Candidate Jung will undergo qualification and suitability verification through the bank’s ‘Executive Candidate Recommendation Committee’ in December, and will be officially appointed at the shareholders’ meeting. He is expected to begin his official two-year term as bank president starting January next year.
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