Son Tae-seung Confirmed for Reappointment as Chairman of Woori Financial at Today's General Meeting

Son Tae-seung, Chairman of Woori Financial Group

[Asia Economy Reporter Kim Hyo-jin] Sohn Tae-seung, Chairman of Woori Financial Group, is set to be reappointed as chairman on the 25th.

Woori Financial Group will hold its regular shareholders' meeting at the Woori Bank headquarters in Jung-gu, Seoul, on the morning of the day to address agenda items including Sohn's reappointment. The Woori Financial Group Executive Candidate Recommendation Committee recommended Sohn as the next chairman candidate for a three-year term last December.

Based on the support from the six major controlling shareholders including IMM PE, Fubon Life, Kiwoom Securities, Korea Investment & Securities, Hanwha Life, Dongyang Life, as well as the employee stock ownership association and the Korea Deposit Insurance Corporation, the largest shareholder of Woori Financial Group, Sohn's reappointment is expected to be smoothly approved.

Although opposition is anticipated from the National Pension Service and foreign funds, it is expected that this will not affect the outcome.

The issue of the Financial Supervisory Service's disciplinary action (reprimand warning) related to overseas interest rate-linked derivative-linked funds (DLF), which had been an obstacle to Sohn's reappointment, has been resolved.

If a reprimand warning, which is a serious disciplinary action, is received, the remaining term can be completed, but employment at financial companies is restricted for the next three years. Last week, the court accepted Sohn's provisional injunction request to suspend the effect of the disciplinary action.

With the appointment of Kwon Kwang-seok as the new president of Woori Bank at the bank's shareholders' meeting the day before, Sohn's dual role as chairman and Woori Bank president has ended.

Sohn plans to focus on the complete privatization of Woori Financial Group and business diversification through large-scale mergers and acquisitions (M&A) of securities or insurance companies going forward.

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