Woori Financial Group has entered management succession procedures to appoint the next CEO of Woori Bank. It will expand the role of the bank executive candidate recommendation committee and strengthen verification by external specialist organisations.

Woori Financial Group said on Tuesday it launched the bank chief executive succession process after holding a meeting of its subsidiary CEO candidate recommendation committee.

Woori Financial Group decided to improve the process by expanding the role of the bank executive candidate recommendation committee, after reviewing its existing succession procedures.

It will first establish a new procedure within the bank executive candidate recommendation committee to review management performance. The group plans to include external specialist organisations to verify management performance not only through internal assessments but also from a market perspective.

It also plans to specify in advance detailed standards and how the process will proceed at each major stage of the succession procedure to improve fairness and objectivity in selecting candidates.

An official at Woori Financial Group's subsidiary CEO candidate recommendation committee said, "We plan to faithfully operate the improved procedures and appoint the right person as CEO based on management capabilities."