Woori Financial chief recommended for 2nd term

Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung is likely to pursue a second term as head of the financial holdings company.

On Monday, a group of outside directors responsible for selecting leadership candidates recommended Sohn as the sole candidate for the group’s next chairman position, citing the stability of its operations as a holding company.

If the recommendation is approved at the shareholders meeting in March 2020, Sohn will serve another three years as the group’s chairman. 

Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-Seung (Woori Financial Group)

Sohn, who has led Woori Bank since 2017, was appointed to lead the financial group in November 2018. The chairman will leave his CEO position at the group’s flagship banking unit, according to the group’s transition plan.

The committee’s decision comes amid reports of the financial authorities’ plans to reprimand Sohn and KEB Hana Bank CEO Ji Sung-kyoo for the commercial lenders’ misselling of derivatives-linked funds and securities. The Financial Supervisory Service is set to finalize its decision in mid-January, according to reports.

(mkjung@heraldcorp.com)