The executive candidate recommendation committee (Imchuwi) of Woori Financial Group said on the 2nd it finalized a shortlist of four candidates for the next chair, including current Chairperson Yim Jong-ryong and Woori Bank CEO Jeong Jin-wan. Two external candidates were also included on the shortlist. Imchuwi decided not to disclose the external candidate pool.
Since starting the management succession process at the end of Oct., Imchuwi reviewed the candidates on items including ▲ management performance assessed by internal and external professional evaluation agencies ▲ results of the CEO development program ▲ reputation checks on leadership, among others. After conducting interviews with the longlist candidates the previous day, Imchuwi finalized the shortlist.
Imchuwi Chairperson Lee Kang-haeng said, "We proceeded with the process based on independence and fairness in accordance with management succession regulations and plans that faithfully reflect best practices in governance," and added, "In particular, for the external candidate pool, we increased external candidates' access to information by holding a prior orientation that provided materials on the group's management status and time for Q&A."
For the four shortlisted candidates, Imchuwi will conduct over about a month multiple interviews with external experts, candidate-by-candidate presentations of management plans, and in-depth interviews as part of the vetting process. The final candidate selected by Imchuwi is expected to officially take office as the next chair after a board resolution and approval at the regular shareholders meeting scheduled for Mar. next year.
A Woori Financial Group official said, "The final candidate for the next chair is expected to be confirmed in early Jan. next year."
Inside and outside Woori Financial Group, some say the likelihood of Yim's consecutive term is high. Yim is credited with swiftly resolving the improper lending issue that arose during the previous chair's term and strengthening internal controls. He also improved the group's bank-heavy portfolio by successively acquiring a securities firm and an insurer.
Woori Financial Group launched Woori Investment & Securities last year, reentering the securities business after 10 years, and this year successfully completed the acquisition of Tongyang and ABL Life Insurance. In the financial sector, there is an assessment that Yim laid the groundwork for Woori Financial Group to reemerge as a comprehensive financial group.