Woori Financial Group said on Thursday it created a new consumer protection division through a reorganisation of its holding company and separately appointed a chief consumer protection officer (CCO) at the holding company. It said the appointment of a holding-company-only CCO, rather than a concurrent post, is the first such case among South Korean financial holding companies to strengthen consumer protection governance.

Woori Financial will oversee and manage consumer protection policies and operational status across all affiliates, including banking, securities and insurance, centred on the consumer protection division within the holding company.

It moved away from the previous approach in which subsidiary CCOs at units such as the bank concurrently served as the holding company's CCO. It built an independent holding-company-level control tower, further strengthening the group-wide consumer protection management system.

Woori Financial appointed Woori Financial Group ESG Management Department head Ko Won-myung as its first CCO after promoting him to managing director. Ko, it said, has delivered strong results in ESG-related work on sustainable management and stakeholder protection, and plans to refine group-wide consumer protection standards and systems.

◆ Holds subsidiary CEO nomination committee... retains 10 of 11 unit chiefs

Woori Financial held its Subsidiary CEO Candidate Recommendation Committee meeting on Thursday and completed recommendations of CEO candidates for 11 subsidiaries. It decided to extend the terms of 10 subsidiaries' current CEOs for 1 year, considering continuity of strategy and organisational stability, as performance during their current terms was favourable.

Woori FIS decided to replace its CEO to enable a leadership transition and reinvigorate the organisation after an overhaul of its IT governance.

Ko Young-soo, former deputy head of Woori Bank's information security group, was recommended as the new CEO. He has held key positions related to digital, fintech and information security at Woori Bank and the holding company.

Thursday's holding company reorganisation also included the establishment of a global strategy department and a revamp of the business growth department, along with the creation of the consumer protection division.

The newly created global strategy department under the strategy division will set directions for subsidiaries' global businesses and take charge of drafting and supporting group-wide global strategy. The existing business portfolio department was renamed the business growth department as the group completed its portfolio with areas such as insurance and securities, and it will focus on managing and fostering affiliates in insurance, securities and asset management.

The holding company's executive lineup was also reshuffled. In the finance division, Kwak Sung-min, head of the holding company's financial management department, was promoted to vice president and appointed chief financial officer (CFO). In the growth support division, Woori Bank division head Kim Byung-kyu was appointed a managing director at the holding company and will be responsible for group synergy strategy.

A Woori Financial official said the reorganisation will strengthen the group's consumer protection governance system centred on the newly appointed holding company CCO and support growth and competitiveness at key non-bank subsidiaries as the group completes its comprehensive financial group portfolio. The official said the group, with its new lineup, can push ahead more quickly with its 2026 Future Co-Growth Project for productive and inclusive finance.