Lee Won-duk remains on Woori Financial Group board

Woori Bank CEO appointee Lee Won-duk / Courtesy of Woori Financial Group

By Anna J. Park

The board of Woori Financial Group said it has recommended Lee Won-duk, Woori Bank's CEO appointee, as a non-executive director. Prior to Lee's nomination as the group's flagship bank chief in early February, he had long served on the board as the group's senior deputy president and executive director.

After being appointed in early February to lead the bank for a two-year term starting later this month, Lee had to step down from his board position. Yet, with the board's decision to recommend him as a non-executive director, Lee was able to remain on the board, strengthening his position as the group's second-most-powerful man.

The board's recommendation is slated to be confirmed on March 25 during the group's shareholders meeting.

Born in 1962, Lee graduated from Seoul National University, beginning his financial career at the now-defunct Hanil Bank in 1990. He continued to assume key positions at Woori Financial, ranging from the chief of strategic planning, global strategy and future strategy divisions. Lee is also the closest adviser to group Chairman Son Tae-seung.