Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Woori chairman Son to serve another term
By Lee Min-hyung
Woori Financial Group Chairman Son Tae-seung
By Lee Min-hyung
Woori Financial Group has decided to recommend incumbent leader Son Tae-seung as the sole candidate for the group's next chairman, the group's CEO recommendation committee said Monday.
Son has served as the Woori chairman since December 2018, and his term expires at the end of March 2020.
The committee said the decision came in recognition of Son's strong leadership under which the group and its affiliates succeeded in generating record earnings in 2019.
“A swift leadership appointment was necessary to clear away management uncertainty, as his tenure nears an end,” Chang Dong-woo, head of the committee, said.
“Members of the committee reached a consensus over the decision and recommended him for the position once again to the board of directors,” he said. He will extend his chairmanship upon receiving approval from the regular shareholders' meeting slated for next March.
Son has taken on a dual role as the leader of the group and Woori Bank. But he will focus on the chairmanship after the upcoming meeting when the financial holding firm and the bank are set to finalize naming separate leaders.
The decision reflects Son's proven expertise in managing the group as well as his strong morality, according to the committee. It added Son was the most qualified candidate to create value for shareholders and grow the company in a way to enhance Woori's corporate value.
Woori was expected to announce the CEO appointment sometime in January, as financial authorities here have yet to finalize punishment for the group's recent involvement in the misselling of financial derivative options and derivative linked funds (DLFs).
Investors suffered from great losses following the incident. The issue topped the list of the most controversial financial fiascos that took place in 2019, as hundreds of investors fell victim to the issue.
The Financial Supervisory Service (FSS) is known to be considering taking heavy disciplinary actions against Son and other high-ranking officials at Woori.
The committee expressed that while Woori will be criticized for announcing the appointment at a time when the group faces sanctions from the financial authority, the incumbent leader has proven himself through his swift handling of the incident and sincere apologies in the aftermath.