Woori Financial selects Kwon as new bank chief
By Kim Bo-eun
Kwon Kwang-seok
Woori Financial Group's executive recommendation committee has backed Kwon Kwang-seok, MG Korean Federation of Community Credit Cooperatives CEO, as Woori Bank's next CEO.
Currently, group chairman Son Tae-seung doubles as the bank's chief. The group has decided to separate the positions.
Kwon will be appointed as the bank's CEO at the general shareholder meeting next month.
He joined Woori Bank in 1988 and oversaw the lender's investment banking division as well as external affairs.
"The committee has recognized that Kwon is the best candidate in pushing forward with the bank's global strategies, based on his experience in strategy and human resources at Woori Financial's holding company and his experience in investment banking and managing overseas investor relations," the bank said Tuesday.
Overseas business is a key area of focus for Woori, as it seeks to boost its presence abroad amid tough domestic market conditions.
Kwon will be tasked with restoring customer trust after Woori Bank suffered damage over its mis-selling of investment options referred to as derivative-linked funds (DLF) that caused major losses for investors last year.
He also will have the job of improving the bank's risk management and internal control system.
Recent incidents showed the bank's poor risk management capabilities and malfunctioning internal control system.
Woori also faces allegations of mis-selling investment options managed by the troubled Lime Asset Management, of which investors are set to see losses.
The Financial Supervisory Service said its sanctions review committee will look into penalties for the bank over a case in which employees tampered with the personal identification numbers of customers' accounts.
Financial authorities imposed sanctions on Son for his responsibility in the DLF case, but Woori group is set to fight back. It is known to be preparing legal action to nullify the measure that bars Son from serving a second term.