Woori Financial Group begins management succession procedures for bank president... Expanding the role of the Lim Chu Committee

(Seoul = Yonhap News) Reporter Lee Do-heun = Woori Financial Group [316140] announced on the 30th that it held a subsidiary CEO candidate recommendation committee (self-recommendation committee) and started the management succession process for the bank president.

Although the holding committee has been inspecting the entire existing management succession process, Woori Financial Group has decided to significantly expand the role of the bank executive candidate recommendation committee (appointment committee) from this management succession procedure.

A new procedure, such as management performance inspection, has been established by the Bank's Appointment Committee, and external professional organizations are planning to participate to verify management performance from various angles. We plan to further enhance the fairness and objectivity of the selection process by preparing standards and procedures for each major stage of the succession process in advance.

An official from the Woori Finance Self-Government Committee said, "Based on the improved procedures, we will faithfully operate the succession process and appoint a suitable person based on management ability as CEO."