Woori Bank chief wins extra year as rivals await term decisions
Woori Bank CEO Jung Jin-wan speaks during a press conference at the bank's headquarters in Seoul, Oct. 12. Yonhap
Woori Bank CEO Jung Jin-wan has secured a one-year extension of his term, becoming the first among the heads of Korea's five major commercial banks whose terms expire at the end of this year to win another term.
Woori Financial Group said Friday that its subsidiary CEO recommendation committee decided to recommend Jung for an additional year, extending his term through Dec. 31, 2027.
His reappointment is subject to final approval at a shareholders' meeting scheduled for later this month.
Jung was initially appointed in November 2024 for a two-year term, with the possibility of a one-year extension based on his performance.
Announcing the recommendation results, Woori Financial pointed to his efforts to strengthen the bank's capital position, expand its digital platform businesses and advance inclusive finance initiatives during his tenure.
In particular, the group said Jung had raised Woori Bank's common equity Tier 1 capital ratio — which lagged behind those of rival lenders when he took office — to the second-highest level among commercial banks.
Woori Financial also cited his efforts to strengthen the bank's long-term competitiveness, including plans to build an artificial intelligence data center and training facility in Namyangju, Gyeonggi Province.
"After a comprehensive review, we concluded that Jung can turn the bank's strengthened capital position into business growth, restore profitability and narrow the gap with competitors during his additional year in office," an official from the recommendation committee said.
Jung's reappointment comes as the terms of the other four major commercial bank CEOs — Lee Hwan-ju of KB Kookmin, Jung Sang-hyuk of Shinhan, Lee Ho-seoung of Hana and Kang Tae-young of NH NongHyup — are set to expire in December.
Of the four banks, only Shinhan's CEO has previously been reappointed, having secured a second term after taking office in February 2023. The other three took office in January 2025 and are now approaching the end of their initial two-year terms.