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Woori Bank new chief vows organizational overhaul

By Kim Bo-eun

Kwon Kwang-seok
Kwon Kwang-seok
Woori Bank appointed Kwon Kwang-seok as its CEO at the bank's shareholder meeting held Tuesday.

Kwon pledged to overhaul the bank's organization to restore customer trust, after Woori suffered major damage in reputation last year based on its mis-selling of investment options referred to as derivative-linked funds (DLF).

"Woori Bank is in a crisis due to the DLF case and the COVID-19 pandemic," Kwon said in a statement. The bank said the CEO was appointed without an inauguration ceremony as part of quarantine efforts against the coronavirus.

"A reorganization of the bank will be conducted swiftly and we will prepare extensively for forthcoming changes and risks," he said.

The CEO also stated Woori will change the culture within the bank that has prioritized sales achievements, so that it becomes more customer centered.

"We will level-headedly look back on the events that have occurred and examine the bank's system from zero base for improvement, pushing forward with fundamental innovation that prioritizes customers."

As his first schedule, Kwon examined the bank's relief programs for the self-employed, who have been afflicted by plunging sales amid the virus outbreak.

Woori Financial Group will hold its shareholders meeting Wednesday, where the decision on Chairman Son Tae-seung's consecutive term will be made.



By Kim Bo-eun

Kwon Kwang-seok
Kwon Kwang-seok
Woori Bank appointed Kwon Kwang-seok as its CEO at the bank's shareholder meeting held Tuesday.

Kwon pledged to overhaul the bank's organization to restore customer trust, after Woori suffered major damage in reputation last year based on its mis-selling of investment options referred to as derivative-linked funds (DLF).

"Woori Bank is in a crisis due to the DLF case and the COVID-19 pandemic," Kwon said in a statement. The bank said the CEO was appointed without an inauguration ceremony as part of quarantine efforts against the coronavirus.

"A reorganization of the bank will be conducted swiftly and we will prepare extensively for forthcoming changes and risks," he said.

The CEO also stated Woori will change the culture within the bank that has prioritized sales achievements, so that it becomes more customer centered.

"We will level-headedly look back on the events that have occurred and examine the bank's system from zero base for improvement, pushing forward with fundamental innovation that prioritizes customers."

As his first schedule, Kwon examined the bank's relief programs for the self-employed, who have been afflicted by plunging sales amid the virus outbreak.

Woori Financial Group will hold its shareholders meeting Wednesday, where the decision on Chairman Son Tae-seung's consecutive term will be made.



Kim Bo-eun bkim@koreatimes.co.kr


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