Woori Financial Group Narrows Chairman Candidates to 8, Including Lee Won-duk and Lim Jong-ryong

Longlist Confirmed at the Nomination Committee Meeting on the 18th
2-3 Candidates to Be Shortlisted on the 27th
Parachute Appointment Controversy Likely to Continue

[Asia Economy Reporter Kwon Hyun-ji] Eight candidates, both internal and external, have been listed in the first round of candidates (longlist) for the next chairman of Woori Financial Group.

According to the financial sector on the 19th, the Woori Financial Group Executive Candidate Recommendation Committee (Nomination Committee) held a closed meeting at an undisclosed location in Seoul the previous day and narrowed down the candidates for the next chairman to eight.

Among the internal candidates from Woori Financial Group are Lee Won-duk, President of Woori Bank; Park Hwa-jae, President of Business Support at Woori Financial Group; Kim Jeong-gi, President of Woori Card; Park Kyung-hoon, President of Woori Financial Capital; Shin Hyun-seok, Head of Woori America Corporation; and Lee Dong-yeon, former President of Woori FIS, totaling six people.

External candidates include Lim Jong-ryong, former Chairman of the Financial Services Commission, and Kim Byung-ho, former Vice Chairman of Hana Financial Group.

The Nomination Committee plans to hold a second meeting on the 27th of this month to narrow down 2 to 3 candidates from the first round to decide the second round of candidates (shortlist). In early February, interviews and presentations will be conducted for these candidates to finalize a sole candidate. The final candidate will then go through the appointment process at the Woori Financial Group shareholders' meeting.

The Nomination Committee is expected to complete the recommendation of the final candidate for the next chairman by February. The Woori Financial Group shareholders' meeting is usually held at the end of March, and a notice of convocation must be issued at least 21 days in advance.

With former official Lim, who was considered a strong candidate, making the longlist, controversy over parachute appointments is expected to continue.

The National Financial Industry Labor Union Woori Financial Union Council issued a statement on the same day, saying, “We clearly state that Woori Financial Group can no longer be allowed to fall into a haven for external personnel lacking professionalism and experience.”

They added, “(Former Chairman Lim) argued that the key keyword during his tenure as Chairman of the Financial Services Commission was 'autonomous management' of Woori Bank, and said that the biggest obstacle to growth since the public funds injection in 2001 was 'government interference in management.' If such figures aim for the leadership of Woori Financial Group, they are proving government control themselves,” they criticized.

They also urged, “We call on the board of directors to make a 'wise judgment' that will not be shaken by any external pressure.”

This content was produced with the assistance of AI translation services.