New CEOs Recommended for Woori Securities and Asset Management: Nam Gi-cheon and Choi Seung-jae

Woori Financial Group announced on the 29th that it held a subsidiary CEO candidate recommendation committee meeting and recommended Nam Gi-cheon, CEO of Woori Asset Management, and Choi Seung-jae, CEO of Multi Asset Asset Management, as new CEO candidates for Woori Comprehensive Financial and Woori Asset Management, respectively. The two candidates will officially begin their duties immediately after being appointed as CEOs at the respective subsidiaries' shareholder meetings scheduled for March 5.

Woori Financial is positioning this year as the "first year of strengthening group competitiveness through expanding the non-bank portfolio." Following a capital increase of 500 billion KRW last year, Woori Comprehensive Financial is preparing to transition into a mid-to-large securities firm through mergers and acquisitions of securities companies, while Woori Asset Management is pushing for a leap forward by completing a merger with Woori Global Asset Management.

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Candidate Nam was born in 1964 and joined Daewoo Securities in 1989, serving as head of the London branch and executive director of the proprietary asset management division. He joined Woori Financial Group in 2023 when he was appointed CEO of Woori Asset Management while serving as CEO of Multi Asset Asset Management since 2016. With 30 years of experience and broad understanding accumulated in the securities and asset management industries, the recommendation committee judged that he will play a leading role in Woori Financial Group’s acquisition of securities firms and creating synergy with Woori Comprehensive Financial.

Candidate Choi was born in 1976 and earned a bachelor's degree in International Business and a master's degree in Financial Engineering from George Washington University in the United States. He began his financial career in 2006 at the AI division of Mirae Asset Securities. He moved to Multi Asset Asset Management in 2016, serving as head of the alternative investment team and executive director of the global alternative investment division, and has been serving as CEO since 2021. Based on his experience in alternative investments and global fields, he is evaluated as a generational change talent who can stabilize the governance of Woori Asset Management in its early merger stage and rapidly expand business.

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Woori Financial’s recommendation committee stated, “Candidate Nam was highly evaluated for significantly improving the company’s market position by expanding institutional sales such as pension funds while serving as CEO of Woori Asset Management, and for successfully completing the recent merger with Woori Global Asset Management. We judged him to be an expert who understands and can execute the group’s strategy better than anyone as a veteran in the capital market sector encompassing securities firms and asset management companies.”

Regarding candidate Choi, they also said, “He played a pivotal role in growing Multi Asset Asset Management into a mid-sized alternative asset management company and possesses expertise in various alternative investment products, making him the right person to lead the sustainable growth of Woori Asset Management through internal talent development.”

Meanwhile, Kim Eung-cheol, CEO of Woori Comprehensive Financial, is expected to be appointed as president of Woori Sodara Bank in Indonesia.

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