Woori Financial Group Launches Bank CEO Succession Process, Expanding Role of Bank Nomination Committee

[Financial News] Woori Financial Group has launched the management succession process to select the next CEO of Woori Bank. The group plans to enhance the fairness and objectivity of the selection process by expanding the role of the Bank Executive Candidate Recommendation Committee and introducing performance evaluations conducted by external experts.
Woori Financial Group announced on the 30th that it had held a meeting of the Subsidiary CEO Candidate Recommendation Committee and launched the bank CEO succession process.
The holding company’s committee has reviewed the existing management succession process in its entirety. Starting with this process, it decided to significantly improve the system, including by substantially expanding the role of the Bank Executive Candidate Recommendation Committee.
First, a procedure for reviewing management performance was established within the Bank Executive Candidate Recommendation Committee. External professional institutions will also participate, allowing management performance to be assessed from multiple perspectives, including the market, rather than through internal reviews alone. The group also decided to further enhance the fairness and objectivity of the selection process by establishing the criteria and procedures for each major stage of the succession process in advance.
A Woori Financial Group committee official said, "Selecting the heads of subsidiaries, including the bank CEO, is a critically important decision that determines Woori Financial Group’s future," adding, "Based on the substantially improved process, we will diligently manage the succession procedure and appoint the right person as the head of the company based on management capabilities."
[email protected] Lee Hyun-jung Reporter