Woori Financial Initiates Bank President Succession Process... Strengthens Role of Executive Committee

Increased Participation of External Organizations

More Detailed Criteria and Procedures for Appointments

On September 30, Woori Financial Group announced that it held a meeting of the CEO Candidate Recommendation Committee (the "Recommendation Committee") and initiated the succession process for the bank president.

The holding company's Recommendation Committee had previously reviewed all aspects of the existing succession process, and starting this time, it has decided to significantly improve procedures, such as substantially expanding the role of the bank's Executive Officer Candidate Recommendation Committee (the "Executive Committee").

First, the Executive Committee has introduced new processes, including a review of management performance. External professional organizations will also participate to verify management performance from multiple perspectives. The main criteria and procedures for each key stage of the succession process will be established in advance to further enhance fairness and objectivity throughout the appointment process.

A Woori Financial Recommendation Committee official stated, "The appointment of the bank president and other subsidiary CEOs is a crucial decision that determines the future of Woori Financial Group. Based on the improved procedures, we will faithfully operate the succession process to appoint the most suitable person as CEO, grounded in management capability."

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