Woori Bank CEO abruptly resigns

• Published date: 07 March 2023
• Publication title: The Korea Times

Woori Bank CEO Lee Won-duk tendered his resignation, Tuesday, in the lead-up to the official appointment of new Woori Financial Group Chairman Yim Jong-ryong who competed with Lee for the nomination last month.

Lee's decision came on the same day the banking group carried out a reshuffle of the CEOs of eight affiliates whose terms expired.

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

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

Yim's official appointment is scheduled for March 24 during an annual shareholders' meeting.

A former financial bureaucrat and disputed political appointee, Yim is highly anticipated to win the approval of shareholders.

Under the circumstances, Lee's offer to quit was seen as a surprise, because he still had 10 months remaining before the end of his tenure and he was not on the list of the reshuffle, Tuesday.

The banking group did not immediately pick Lee's successor and kept the seat empty.

It went ahead with the reshuffles at the eight affiliates whose chiefs' terms expired in December or January.

The eight were Woori Card, Woori Financial Capital, Woori Investment Bank, Woori Savings Bank, Woori Asset Trust, Woori Fund Services, Woori Private Equity (PE) Asset Management and Woori Finance Research Institute.

Some of the newly appointed CEOs were from Woori Bank, including Park Wan-sik, who had been an executive at Woori Bank's...