Woori Financial Group's Lim Jong-ryong-style 'Major Overhaul'... What Is the Reason for Changing Everything?

Replacement of Subsidiary CEOs and Organizational Slimming Implemented
Successor to Lee Won-duk, Who Expressed Resignation, Yet to Be Appointed
Early Management Stabilization and Atmosphere Renewal Attempted

Woori Financial Group carried out its first personnel and organizational reshuffle under the 'Im Jong-ryong style' on the 7th. The main points are a large-scale replacement of holding company executives and CEOs of nine affiliates, along with a reduction in the overall size of the holding company. It appears that Im Jong-ryong, the externally appointed chairman-designate, intends to achieve early management stabilization and revitalize the atmosphere through sweeping innovation.

On the same day, Woori Financial announced that it would implement personnel and organizational innovations across the holding company and its affiliates, including the bank, reflecting the management direction of Chairman-designate Im. First, the holding company was slimmed down and streamlined, focusing on strategic planning roles. The positions of Chief President and Senior Executive Vice President 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 of them replaced. The total workforce of the holding company will also be reduced by about 20%.

On the other hand, each affiliate will be granted management autonomy and their sales functions strengthened. The core subsidiary, Woori Bank, reorganized its existing sales organization, the Sales General Group, into two divisions: Domestic Sales Division and Corporate Investment Banking Division, with five and four sales-related groups under each division, respectively. Additionally, new groups such as the Small and Medium Enterprise Group, Pension Business Group, and Institutional Group were established to expand sales capabilities in new growth companies, institutions, and the pension market. A Win-Win Finance Department was also created to enhance products and services for financially marginalized groups. High-performing department heads were appointed to group leader positions.

All CEOs of eight affiliates, including card, capital, and comprehensive finance companies whose terms had expired, were replaced. Notably, Nam Ki-cheon, former CEO of Multi-Asset Asset Management, was recruited as CEO of Woori Asset Management to strengthen asset management competitiveness. Each subsidiary plans to hold a shareholders' meeting on the 24th of next month, after which the new CEOs will take office and immediately implement personnel and organizational reforms aligned with the group’s strategy.

The head of the flagship subsidiary, Woori Bank, will also change. Lee Won-duk, the current CEO of Woori Bank, suddenly submitted his resignation ahead of the subsidiary CEO candidate recommendation committee on the same day. Although he had about 10 months left in his term and was not initially a target for replacement, he decided to step down to ease the management burden of Chairman-designate Im. Im plans to promptly begin the successor appointment process after taking office to prevent any management vacuum.

The reform drive was stronger than expected, reflecting Chairman-designate Im’s intention that change is inevitable for organizational innovation and future growth. As an external appointee, he was also evaluated as a candidate capable of objectively diagnosing the organization during the chairman selection process. A Woori Financial official said, “Usually, organizational restructuring and personnel changes are announced separately, but this time it was done in one shot. Since the bold executive personnel changes and organizational restructuring were completed early, the new chairman system will quickly accelerate business operations according to the management roadmap envisioned by Chairman-designate Im immediately after its launch.”

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