Woori Financial Group, Organizational Restructuring Before Lim Jong-ryong's Inauguration... Reducing Executives and Replacing Subsidiary CEOs

Reduced holding company executives from 11 to 7 with 6 replacements appointed
Changed CEOs of 9 subsidiaries including banks out of 14 subsidiaries

Established a corporate culture innovation TF directly under the chairman
Banks reorganized into sales-focused organizations

Woori Financial Group on the 7th carried out a major organizational and personnel innovation across the holding company, bank, and affiliated financial companies reflecting the management strategy direction of newly appointed Chairman Lim Jong-ryong. Although Chairman Lim has not yet taken office, the personnel appointments for the holding company, bank, and other affiliates, which had been postponed since the end of last year, were conducted all at once.

Reducing Holding Company Authority

Following the intention of Chairman-designate Lim to "guarantee maximum management autonomy for subsidiaries," the authority of the holding company was reduced. The dual president system (two persons) and senior vice president system were abolished, and the number of divisions was reduced from 11 to 9. The number of holding company executives was cut from 11 to 7, with 6 replaced. The overall holding company workforce was reduced by about 20%, and the chairman’s secretariat (headquarters-level) was also abolished. Two headquarters-level personnel were selected for the 9 holding company division heads to implement a generational change.

To promote organizational culture innovation, which had been plagued by various incidents including embezzlement since last year, a ‘Corporate Culture Innovation TF (a consultative body of the chairman and subsidiary CEOs)’ was newly established directly under the chairman. This TF organization will implement strategies such as personnel and evaluation system reforms, strengthening internal controls, and management succession programs.

A Future Business Promotion Division was also newly established. It will pursue non-bank strengthening strategies such as acquiring securities companies, discover future growth engines for the group, and take charge of integrated management of ESG management.

Replacing Subsidiary CEOs

On the same day, Woori Financial Group’s board held a subsidiary CEO candidate recommendation committee and decided to replace all subsidiary CEOs whose terms had expired after serving more than two years, including those at the card, capital, and mutual finance companies. Park Wan-sik, head of the Personal and Institutional Group at Woori Bank, was appointed as CEO of Woori Card, and Cho Byung-kyu, head of the Corporate Group at Woori Bank, was appointed as CEO of Woori Financial Capital.

Kim Eung-cheol, head of the Foreign Exchange Group at Woori Bank, was appointed CEO of Woori Mutual Finance; Lee Jong-geun, executive director of the Management Support Division at Woori Financial Group, was appointed CEO of Woori Asset Trust; Jeon Sang-wook, president of Future Growth at Woori Financial Group, was appointed CEO of Woori Savings Bank; and Kim Jeong-rok, compliance officer at Woori Bank, was appointed CEO of Woori Fund Service. For Woori Asset Management, external expert Nam Ki-cheon, CEO of Multi Asset Asset Management, was recruited as CEO.

Five subsidiary CEOs?Choi Dong-su of Woori Financial F&I, Lee Jung-ho of Woori Credit Information, Kim Kyung-woo of Woori Private Equity Asset Management, Hwang Woo-gon of Woori Global Asset Management, and Ko Jung-hyun of Woori FIS?will remain in their positions.

Resignation of Woori Bank President Lee Won-duk, New President to be Appointed Soon

Woori Bank also carried out organizational restructuring and executive personnel changes to transform the bank organization into a sales-oriented one in line with the direction of "holding company (strategy-focused) → subsidiaries (sales-focused)." The existing Sales General Group was abolished and reorganized into two divisions: Domestic Sales Division and Corporate Investment Finance Division, under which five and four major sales-related groups were placed, respectively.

A Small and Medium Enterprise Group, Pension Business Group, and Institutional Group were newly established to expand sales capabilities targeting new growth companies, institutional sales markets, and pension markets. A Win-Win Finance Department was newly created to strengthen support for products and services dedicated to financially marginalized groups.

Woori Bank also reduced the number of executives through this organizational restructuring (from 19 to 18) and replaced 12 out of the 18 executives. Three group leader positions were appointed to female heads with outstanding sales performance.

Woori Bank President Lee Won-duk, whose term remains until the end of this year, tendered his resignation to ease the management burden of Chairman-designate Lim. The successor bank president will be appointed shortly after Chairman Lim’s inauguration through the management succession program.

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