Woori Bank EVP to take company helm as scandal pushes out CEO

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Woori Bank EVP to take company helm as scandal pushes out CEO

Published: 29 Nov. 2024, 18:47 Updated: 29 Nov. 2024, 19:17

SHIN HA-NEE
[email protected]

Woori Bank CEO nominee Jung Jin-wan [WOORI FINANCIAL GROUP]

Woori Financial Group nominated Jung Jin-wan, executive vice president at Woori Bank, as the final candidate to replace CEO Cho Byung-kyu, who was not reappointed following a major loan scandal at the company.

Jung has been overseeing the small- and medium-sized enterprises banking business since June of last year. He first joined Hanil Bank back in 1995, which later merged into Woori Bank, and previously held executive roles in sales.

“The priority was to ensure business continuity by selecting a candidate among current key executives and to name someone younger to drive a generational shift and revitalize the organization,” the board's committee for CEO nominations said in a release Friday.

The 56-year-old nominee was the youngest among candidates and has extensive experience in sales both at home and abroad, the committee said.

Jung will now undergo a qualification screening by Woori Bank's executive nomination board committee next month. If approved during the general shareholder’s meeting, the nominee will succeed outgoing chief executive Cho Byung-kyu in January and begin his two-year term.

“My first and foremost goal will be to overhaul the internal control system and the corporate culture to restore the bank’s trust that has been hampered by a recent series of incidents,” said Jung.

The Financial Supervisory Service said in August that Woori Bank had provided a total of 61.6 billion won ($45 million) in improper loans to firms with connections to former Chairman Son Tae-seung. The agency said it would investigate Cho for allegedly failing to inform authorities of the practice, though evidence did not point to his direct involvement.

KB Financial Group also nominated Lee Hwan-ju, KB Life Insurance CEO, as the final candidate for the next CEO of KB Kookmin Bank on Wednesday.

BY SHIN HA-NEE [[email protected]]