Woori Bank's board of directors nominated current CEO and President Lee Kwang-goo as the new chief of the bank, making Lee the bank's first CEO since its privatization.
A search committee consisting of outside directors picked Lee over Lee Dong-gun, an executive vice president and head of the business support group, and Kim Seung-gyu, a former executive vice president of the bank.
Lee, who headed the bank since December 2014, highlighted improved profit performances during his term and the bank's global expansion during his interviews with the committee, according to a Jan. 25 news release. The bank acquired a local bank in the Philippines during Lee's term.
The appointment is subject to shareholders approval. Shareholders are set to meet March 24 to vote on the appointment.