Woori Financial Group chief Son Tae-seung won’t seek third term

Woori Financial Group chief Son Tae-seung won’t seek third term. [Photo by Yonhap]

Woori Financial Group Chairman Son Tae-seung will not seek a third two-year term after his current one expires on March 25, according to sources on Wednesday.

His intention was expressed prior to Woori Financial Group’s board meeting today to finalize a list of recommendations for the next chairman. The board will soon make public the chairman’s intention.

Son has been under pressure from financial authorities to quit on widespread losses caused by the mis-selling of high-risk derivative-linked funds by Woori Bank in late 2019.

In November last year, the Financial Supervisory Service decided to reprimand Son and suspend some of the bank’s businesses for three months, holding him responsible for failing to monitor and manage high-risk investment products properly.

Despite the disciplinary action, Son had delayed a decision regarding his tenure, causing uncertainty in the banking group’s leadership.

Individuals who are reprimanded are restricted from employment in the financial sector for three years. If the discipline is finalized, Son cannot be reappointed although he may complete his current term.