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| From left are Woori Bank CEO Lee Won-duk and former Financial Services Commission Chairman Lim Jong-ryong. Yonhap |
By Lee Min-hyung
Woori Financial Group confirmed the shortlist for its next chairman, Friday, with four contenders vying for the leadership of the financial holding firm.
The four candidates included Woori Bank CEO Lee Won-duk, Woori America Bank CEO Shin Hyun-seok, former Woori FIS CEO Lee Dong-yeon and former Financial Services Commission (FSC) Chairman Lim Jong-ryong.
"Woori's executive recommendation committee shortlisted the four candidates after conducting thorough discussions on their expertise, leadership, communication skills, morality, work experience and digital capability," a spokesman at the committee said.
The Woori Bank chief and former FSC chairman are considered to be the two strongest contenders for the post. Just recently, the committee longlisted eight candidates that included top executives from Woori's key affiliates and some candidates from outside its ranks.
The leader of Woori Bank is one of the major contenders for the race. He is a key figure at the financial holding firm and worked with incumbent Woori Chairman Son Tae-seung for years in key decision-making processes. With Lee as CEO, Woori Bank is forecast to have chalked up record annual earnings last year.
Lim is the only former bureaucrat among the candidates. Given his broad financial experiences as the leader of the top watchdog and NH Financial Group, industry sources expect Lim to fiercely compete against the Woori Bank leader for the chairmanship.
Despite his strong bid, Lim still faces opposition from Woori's labor union.
"Woori Financial Group achieved its complete privatization for the first time in 23 years in 2021, so we urge the committee not to be swayed by any external pressure," the union said. "We expect the committee to appoint a figure from inside the group as our next chairman."
The committee, however, is still in a dilemma after a financial watchdog's recent intervention in the process of the top management reshuffle.
Financial Supervisory Service (FSS) Governor Lee Bok-hyun said Thursday that Woori's sincerity over the appointment of a new chairman remains questionable, as the financial holding firm did not take enough time to select the final candidates.
"I am not sure if the lender has spent enough time finalizing the shortlist, which only took a week," Lee told reporters, Thursday.
This is not the case for developed countries with an advanced level of financial institutions, according to Lee.
"A board of directors at such financial firms sometimes delay their decision on the appointment of top management, and confirm the shortlist with an objective and reasonable standard," he said.
The leader of the watchdog also urged Woori not to be too hasty in their top management reshuffle, as shareholders can question whether the lender did its best for the appointment of the next chairman, regarding an objective and strict level of standards.
