Amid South Korea's Fourth Sale Effort, Woori Chairman to Resign

April 15
7:08 AM 2013

Lee Pal Seung, Chairman of Woori Finance Holdings Company, plans to resign prior to the South Korean government's fourth plan to sell its shares in the country's largest financial service group. Lee has been the Chief Executive Officer and Chairman of the company since June 2008.

According to a statement sent through email by the Seoul-based company, Lee announced his resignation yesterday but did not explain why he would be leaving. An anonymous source related that the 69 year old Chairman will still continue to perform his work until the company has decided on the new Chairman.

Share values of Woori declined today, valuing the government's shares in the lender at US$4.8 billion. Financial Services Commission Chairman Shin Je Yoon mentioned last month that South Korea is organizing a plan to sell its fifty seven percent shareholdingss by June. The three previous efforts of the government to sell off its shares in Woori Finance started back in 2010 and all efforts failed due to the lack of interest from buyers.

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