Woori Bank CEO Jung Jin-wan (정진완) will be reappointed for 1 year. Woori Financial Group’s Subsidiary CEO Candidate Recommendation Committee assessed key achievements including improving the capital ratio, restoring profitability and expanding the digital platform business, and decided to extend his term to the end of 2027.

Woori Financial Group said on Nov. 13 that the committee met and decided to extend Jung’s term by 1 year. The decision follows about 1 and a half months of reviewing management performance and future business plans after the succession process was launched at the end of September.

The decision applied Woori Financial’s operating principle of a bank CEO term of “2+1 years”. Under the system, an additional 1 year is granted after evaluating management performance when the basic 2-year term ends. Jung was given a 2-year term under the principle when he was appointed in November 2024.

Woori Financial said participation by Woori Bank’s executive candidate recommendation committee was expanded in the succession process.

The committee gave high marks to Jung for raising Woori Bank’s common equity tier 1 ratio to a level ranked second among commercial banks and, on that basis, restoring loan growth and profitability. It also cited quarterly net profit exceeding 1 trillion won as of the end of September as a key achievement.

If Jung is finally appointed at Woori Bank’s shareholders meeting scheduled for later this month, he will continue as CEO through Dec. 31, 2027.

An official at Woori Financial’s committee said, "We judged that CEO Jung Jin-wan will link the expanded capital capacity to business competitiveness and, during the additional 1-year term ahead, realise tangible growth, a recovery in profitability and a narrowing of the gap with other banks."