Sohn the only nominee for Woori chairmanship

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Sohn the only nominee for Woori chairmanship

A nomination committee at Woori Financial Group chose Sohn Tae-seung as the sole candidate for the chairmanship of the financial holding company on Monday, despite a controversy involving the huge losses related to derivative-linked investment products this year.

The group said that the committee of outside directors unanimously voted for Sohn to head the group for the next three years for a second term, citing strong earnings and the smooth transition to a holding-company structure.

Sohn currently doubles as CEO of Woori Bank, but the post will be separated starting next year.

“Sohn is credited with establishing a holdings unit structure in a stable manner and overseeing the organization stably,” one member of the committee said.

The member acknowledged the impact of the derivative-linked funds scandal, but noted that the head managed to swiftly take action.

The Financial Supervisory Service is expected to decide specific penalties for executives next month.

Born in 1959 in Gwangju, Sohn graduated from Sungkyunkwan University with a degree in law and started his career at Hanil Bank in 1987.

His appointment will be finalized during a shareholder meeting set for March.

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