Lee to become Woori chairman

By Kim Rahn

Lee Soon-woo, nominee for Woori Financial Group chairman

By Kim Rahn

• Published May 22, 2013 9:34 PM KST
• Updated May 22, 2013 9:34 PM KST

Lee Soon-woo, CEO of Woori Bank, Woori Financial Group’s flagship unit, has been nominated to lead the country’s largest financial firm, sources said Wednesday.

The group’s chairman recommendation committee will announce the nomination officially today after getting approval from Cheong Wa Dae, the sources added. The group is owned by the government.

Woori’s board of directors will then hold a meeting as early as Friday to set the date for a shareholders’ meeting ― likely to be held around June 14.

Lee, if appointed, will work as head of both Woori Bank and Woori Financial, the group said.

The government has sought to privatize Woori and plans to announce details of its plan, also in June.

Earlier, the committee picked three candidates for the post of Woori chairman among 12 applicants and notified the government. The three were Lee; Credit Counseling and Recovery Service Chairman Lee Chong-hwi, a former CEO of the bank; and Woori Group Vice President Kim Jun-ho.

If his nomination is confirmed, he will be the first Woori official to be internally promoted to the chairman’s post. He started his career in 1977 as an ordinary clerk at the bank.

Born in Gyeongju, North Gyeongsang Province, the 63-year-old graduated from Sungkyunkwan University.

The chairman selection process started after Chairman Lee Pal-seung tendered his resignation last month. He was one of the heads of banking groups appointed under the administration of former President Lee Myung-bak.

The new Park Geun-hye government pressured him to quit, saying a figure aligned with the new administration’s vision should lead the firm.