Cho Byung-kyu voted next Woori Bank CEO

Woori Financial Group's board committee voted for Cho Byung-kyu to become the next Woori Bank CEO Friday.

Cho Byung-kyu [WOORI FINANCIAL GROUP]

Woori Financial Group's board committee voted for Cho Byung-kyu to become the next Woori Bank CEO Friday.

The committee, designed to recommend executives, finalized the decision after a shortlist of four candidates was selected in March. The committee consists of outside board directors.

Cho, president and CEO of Woori Financial Capital, faced off against Lee Seok-tae, head of the business unit for domestic business at Woori Bank.

Born in 1965, Cho studied economics at Kyung Hee University. He has been the Woori Financial Capital CEO since March. He started working for Woori Bank in 1992.

His sales capacity, leadership and experience in corporate finance were highly evaluated, said Woori.

The committee “evaluated candidate Cho to be the right person that would maximize the sales of Woori Bank’s corporate finance and bring out the most in creating synergy effects amongst affiliates in a team with Chairman Yim Jong-yong, who pledged to transform Woori Financial Group into a company with strong corporate finance.”

“I will put every ounce of my energy into the revival of Woori Bank’s corporate finance, and do my best to create a new corporate culture with Chairman Yim Jong-yong,” Cho said in a statement following the announcement.

Cho will take on the new role following a shareholders’ meeting on July 3rd.

The two other candidates that were selected in March were Kang Shin-kook, head of the business unit of Woori Bank’s corporate and investment banking and Park Wan-sik, president and CEO of Woori Card.

Woori Bank CEO Lee Won-duk’s term was set to run through December but he offered to resign after Chairman Yim replaced Son Tae-seung in March. Son did not vie for a third term at the company amid conflict with financial authorities. Son received a reprimand warning from the Financial Services Commission for the improper sale of Lime funds.

BY JIN MIN-JI [jin.minji@joongang.co.kr]