"Focus on Organizational Reform and Generational Change"
Jung Jin-wan, Vice President of the Small and Medium Enterprise Group, has been recommended as the next candidate for Woori Bank President. Jung stated, "I will prioritize the comprehensive innovation of internal controls and the reorganization of corporate culture."
Woori Financial Group held a subsidiary CEO recommendation committee meeting on the 29th and recommended Jinwan Jeong, Vice President of the SME Group, as the next candidate for Woori Bank President. Provided by Woori Bank
Woori Financial Group announced on the 29th that its Subsidiary CEO Recommendation Committee (Saechuwi) held a meeting and designated Jung as the next president of Woori Bank. Earlier, the Woori Financial Saechuwi had initiated the succession process for the bank president from the end of September in accordance with the financial authorities' governance best practice guidelines.
The Saechuwi cited organizational reform and generational change as the core of this appointment. This personnel decision is interpreted as an effort to stabilize the atmosphere of Woori Bank, which had been shaken by a series of financial incidents, including the improper loans involving relatives of former Chairman Sohn Tae-seung. The committee stated, "Considering recent internal control issues, we have focused on 'organizational reform' and 'generational change' in the process of appointing the bank president."
Born in 1968, Jung graduated from Pohang Jecheol High School and Kyungpook National University with a degree in law. He joined the former Hanil 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 Vice President of the Small and Medium Enterprise Group.
He is regarded as a 'sales expert' with extensive experience in domestic and international sales sites. The bank explained that based on his long-standing experience and expertise in the SME finance sector, he possesses excellent strategic thinking and execution capabilities. A Woori Financial Group official said, "Jung played a pivotal role in launching 'One Biz Plaza,' the first digital supply chain platform in the financial sector in 2022 that links supply chain management with financial services." The official added, "Personally, he is known as a practical and field-oriented leader who values work efficiency and sincere communication over formalities."
The Saechuwi also stated, "Jung, born in 1968, is the youngest among the candidates and has a good reputation both internally and externally. He received high praise in expert in-depth interviews, management plan presentations, and detailed interviews." They explained, "We judged him to be the best candidate capable of driving organizational reform such as corporate culture innovation and pursuing a corporate finance-centered sales strategy."
With Jung's designation, Woori Bank will continue the tradition of alternating presidents from the former Commercial Bank and the former Hanil Bank, its predecessors. For example, former President Lee Won-duk, who resigned in July last year, was from Hanil Bank, while current President Cho Byung-kyu is from the Commercial Bank. Additionally, Jung is said to have connections with Lim Jong-ryong, Chairman of Woori Financial Group. It is known that they formed a relationship while Lim was working as a financial officer in London and Jung was stationed at Woori Bank's London branch.
Jung stated as his pledge, "To restore the bank's trust, which has been damaged by a series of recent financial incidents, I will prioritize the comprehensive innovation of internal controls and the reorganization of corporate culture." He added, "Through innovative organizational restructuring and performance-oriented personnel reform, I will enhance Woori Bank's core competitiveness and transform it into a trusted bank." Jung is expected to undergo qualification and suitability verification through the bank's Executive Candidate Recommendation Committee next month, followed by official appointment at the shareholders' meeting, and will begin a two-year term starting January next year.
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