Woori Financial Group chief Son Tea Seung gives in to pressure, to end second term in March

Woori Financial Group's chief executive officer and chairman announced his decision to step down in March. This will end his leadership in the company since he will no longer run for another term.

On Wednesday, Jan. 18, Woori Financial Group’s CEO Son Tae Seung told the company’s selection committee for the next chairman that he will no longer seek a third-term post. As per The Korea Herald, Son’s decision was announced in the morning, before the committee is set to hold their meeting, to finalize the list of candidates for chairmanship at Woori Financial Group.

As he will not be included as one of the candidates, Son said he is hoping the committee will appoint a competent successor who will be able to help in growing the company further. His decision not to run is actually a welcomed move because it turned out that he is being pressured by financial authorities to step down already.

They were also telling him to accept the penalty leveled against him for misselling funds operated by the now-defunct Lime Asset Management. It was said that the penalty may block him from getting new jobs in the finance industry for at least three years. This situation has been cited as a key factor that will affect his reappointment at Woori Financial Group, thus resignation is the best option for him at this point.

Korea Joongang Daily mentioned that Son has been pressured not to seek a third term at the company, and many officials seem to support this move.

“I will not take actions to serve another term as the Woori Financial Group chairman to take part in the generational shift recently seen in the financial circle,” the outgoing Woori Financial chief said in a statement with regard to his decision. “I hope the board recommends a competent successor that will develop the group based on the values of the complete privatization.”