New President Kwon Kwang-suk of Woori Bank.

President Kwon Kwang-suk of Community Credit Cooperatives has been tapped as the new president of Woori Bank. Woori Bank’s selecting Kwon, who is in his 50s and is outside the bank, may be construed as the bank’s intention to begin generational change in the leadership ranks.

New President Kwon is evaluated to have the right stuff to serve as a “relief pitcher” to save the bank from controversial activities involving derivatives-linked funds.

Woori Financial Group carried out a reshuffle of its subsidiaries and an organizational overhaul, including the inauguration of the Consumer Protection Group under the direct control of Woori Bank’s president on Feb. 11.

On the same day, a committee for recommending the financial group’s executive candidates agreed to select President Kwon of Community Credit Cooperatives as the sole candidate for Woori  Bank’s new president.

President-designate Kwon’s term will begin after his election is approved during a shareholders’ meeting slated for next month. Kwon started his financial career as a freshmen employee with the now-defunct Commercial Bank of Korea in 1988.

He is considered to be a seasoned financial expert in investment banking and global business expansion as he maintained a wide network in Korea and abroad. He accumulated experience in investment banking and investor relations.

Kwon served as the chief of staff of former Chairman Park Byung-won of Woori Financial Group, and held positions such as the chief of Woori Bank’s Overseas Cooperation Office, the chief of the IB Group and president of Woori Private Equity.

He is noted for maintaining wider outside liaison networks as he served as public relations chief for the financial group and Woori Bank and the chief of the Washington Business Office of Woori America Bank. Kwon, born in Ulsan in 1963, is the youngest among the three candidates.

The bank’s board of directors picking President-designate Kwon may be interpreted as the bank’s focus on pursuing innovation and changes.

The committee for recommending the financial group’s executive candidates said President-designate Kwon, armed with diverse work experiences and leadership based on rational decision-making, would manage the bank well.

During his interview with the committee, Kwon presented a vision of restoring customer trust, making management substantial, risk management of risk-weighted assets, and management efficiency through exploring new businesses.

President-designate Kwon will now assume the task of addressing the controversial activities involving derivatives-linked funds and overhauling the bank’s operations.

He was a graduate of Hakseong High School in Ulsan and a graduate of Konkuk University Industry Engineering Department.

Kwon, the first Woori Bank president since the holding regime was initiated one year ago, also has the task of cooperating with Woori Financial Group Chairman Sohn Tae-seung in the course of executing his duties.

President-designate Kwon and Chairman are expected to head Woori Bank and the holding company of the financial group after they obtain approval from next month’s shareholders’ meeting.

Chairman Sohn is expected to focus his attention to the group’s whole strategies while handing over the bank’s responsibilities to Kwon. Chairman Sohn is facing with lots of tasks such as the boosting of stock prices prior to the privatization of Woori Bank and the execution of big M&As.

The committee for recommending the financial group’s executive candidates reshuffled executives of the bank and the group’s other subsidiaries.

Vice President Kim Jong-deuk of Woori Bank’s Money Market Group was nominated as president of Woori Investment Bank, while Vice President Cho Soo-hyung of Woori Bank’s Consumer Brand Group was named president of Woori Credit Information.

A view of Woori Bank headquarters in Seoul. (Photos: Woori Bank)