Wesley Won
About Wesley Won
Executive Vice President and Chief Technology Officer at OP Bancorp/Open Bank since March 2025; previously Senior Vice President and Chief Information Officer from April 2022; with the Bank since September 2010. Age 53; MBA from Pepperdine Graziadio School; prior IT leadership roles at Hanmi Bank (2001–2009) and Nara Bank (now Bank of Hope, 1996–2009); honorably served in the U.S. Marine Corps . Company context: OP Bancorp had $2.37B in total assets as of December 31, 2024, and posted 2024 net income of $21.1M with ROA 0.92%, ROE 10.68%, and efficiency ratio 61.19% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Open Bank | Senior VP & Chief Information Officer | Apr 2022–Mar 2025 | Led enterprise IT and operations modernization |
| Open Bank | MIS Manager | Sep 2010–Apr 2022 | Built internal systems capabilities |
| Hanmi Bank | IT leadership roles | 2001–2009 | Technology leadership at a regional bank |
| Nara Bank (now Bank of Hope) | IT leadership roles | 1996–2009 | Technology and operations in Korean-American banking |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Marine Corps | Service member | N/A | Discipline and leadership foundation |
Fixed Compensation
- Not a Named Executive Officer (NEO) in the proxy; no individual base salary, bonus, or perquisites disclosed for Mr. Won .
- Company-wide benefits/perquisites for NEOs include health, dental, vision, disability, life insurance, 401(k) match on the first 6% of compensation, and a cell phone allowance; applicability to Mr. Won is not disclosed .
Performance Compensation
The company’s Management Incentive Plan (MIP) governs executive bonuses; for 2024, other executive officers were measured 60% on Bank Goals and 40% on Individual Goals, with Bank Goals set at ROA 1.01%, ROE 11.30%, and efficiency ratio 57.35%; actual outcomes were ROA 0.92%, ROE 10.68%, and efficiency ratio 61.19% .
| Metric | Weighting (Other Execs) | 2023 Target | 2023 Actual | 2024 Target | 2024 Actual | Payout (Won) | Vesting (Won) |
|---|---|---|---|---|---|---|---|
| ROA (%) | 60% (Bank Goals portion) | 1.17 | 1.13 | 1.01 | 0.92 | Not disclosed | Not disclosed |
| ROE (%) | 60% (Bank Goals portion) | 13.52 | 13.05 | 11.30 | 10.68 | Not disclosed | Not disclosed |
| Efficiency Ratio (%) | 60% (Bank Goals portion) | 56.64 | 57.59 | 57.35 | 61.19 | Not disclosed | Not disclosed |
| Individual Goals | 40% (other execs) | N/A | N/A | N/A | N/A | Not disclosed | Not disclosed |
Note: Mr. Won’s individual bonus targets/payouts are not disclosed; table reflects the plan structure and bank-level outcomes for 2023–2024 .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Individual beneficial ownership (shares/%) | Not disclosed for Mr. Won . Group total for all directors/executive officers: 3,031,028 shares (20.35%) . |
| Hedging policy | Hedging/monetization transactions strongly discouraged; pre-clearance required . |
| Pledging/margin | Pledging Company securities and holding in margin accounts prohibited . |
| Trading windows | Blackout from 15 days before quarter-end until second business day after earnings release; pre-clearance required for directors/executive officers . |
| Clawback policy | Adopted; applies to cash and equity incentives upon restatement under SEC/Nasdaq rules . |
| Stock ownership guidelines (execs) | Not disclosed in proxy for Mr. Won . |
Employment Terms
- Appointment: Executive Vice President & Chief Technology Officer in March 2025 .
- Severance/change-of-control: Company maintains an Executive Change in Control Plan with non-solicit for one year; a specific example disclosed is for Christine Oh (150% base salary + 12 months COBRA); Mr. Won’s participation/terms are not disclosed .
- Insider trading governance: Comprehensive policy including pre-clearance, blackout periods, margin/pledging prohibitions, and 10b5-1 plan guidelines .
Performance & Track Record
Company pay-versus-performance and operating context:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($USD Thousands) | 33,310 | 23,918 | 21,069 |
| ROA (%) | 1.74 | 1.13 | 0.92 |
| ROE (%) | 19.57 | 13.05 | 10.68 |
| Efficiency Ratio (%) | 47.42 | 57.59 | 61.19 |
| TSR – Value of $100 Investment | 87 | 98 | 144 |
Cybersecurity governance relevant to CTO remit:
- Board Risk & Compliance Committee (BRCC) oversees cybersecurity risk management; receives periodic reports and annual posture evaluations .
- 10-K highlights layered defensive controls, business continuity, regulator notification requirements, and expanding state-level cybersecurity/privacy obligations .
Risk Indicators & Red Flags
- Section 16 compliance: 2024 delinquent filers listed did not include Mr. Won (no reported delinquencies for him) .
- Pledging/hedging: Prohibitions and strong discouragement reduce misalignment risk .
- Severance/CIC economics: Individual terms for Mr. Won not disclosed, creating uncertainty on retention/transition cost profile .
Company Performance Context (Targets vs Actuals)
| Metric | 2023 Target | 2023 Actual | 2024 Target | 2024 Actual |
|---|---|---|---|---|
| ROA (%) | 1.17 | 1.13 | 1.01 | 0.92 |
| ROE (%) | 13.52 | 13.05 | 11.30 | 10.68 |
| Efficiency Ratio (%) | 56.64 | 57.59 | 57.35 | 61.19 |
Investment Implications
- Alignment mechanisms (blackouts, pre-clearance, hedging/pledging limits, clawback) reduce misalignment and opportunistic trading risk for technology leadership roles .
- Material information gaps: No disclosure of Mr. Won’s base, target bonus, equity grants, ownership, or CIC participation—limiting pay-for-performance and retention risk analysis; monitor future proxies/8‑Ks and Form 4 filings for award grants and transactions .
- Operational focus: BRCC-led cyber oversight and 10-K emphasis on layered defenses and continuity suggest CTO accountability for resilience; execution will be judged against rising cybersecurity expectations and the bank’s efficiency/ROA targets .