Yoon Jong-won on Work Commute Controversy, Tells Union Blocking Him "I'm Not a Nakasan"

Yoon Jong-won, CEO of IBK, Attempted First Day at Work on 3rd but Failed
IBK Union Urges "Incompetent... Voluntary Resignation Is the Only Answer"
CEO Yoon Says "Parachute Appointment? I Don't Think So... I Will Come Back"

Newly appointed IBK Industrial Bank of Korea President Yoon Jong-won is being blocked by union members opposing his inauguration as he tries to enter the bank's headquarters in Euljiro, Seoul, on the 3rd. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporters Kim Hyo-jin and Kwon Hae-young] Yoon Jong-won, the newly appointed president of IBK Industrial Bank of Korea (IBK), who was appointed amid 'parachute appointment controversy,' attempted to go to work for the first time on the 3rd but was blocked by the labor union and turned back. During the confrontation with the union, President Yoon expressed opposition to the label of 'parachute appointment,' while the union repeatedly urged him to resign voluntarily.

President Yoon arrived at the parking lot near the back gate of IBK's headquarters in Euljiro, Seoul, at 8:28 a.m. that day. The IBK branch of the National Financial Industry Union had barricaded the main gate from early morning and stationed union members at the back gate to prepare for a work obstruction protest.

They raised placards and banners with slogans such as "Oppose incompetent parachute president" and "Is a public institution a reemployment agency for Blue House senior secretaries?" and shouted protest slogans, showing their determination to block President Yoon's entry.

When news spread that President Yoon would get out of his car and enter through the back gate, the union gathered at the path leading from the parking lot to the back gate, forming a wall to block him. As President Yoon got out of the car and approached surrounded by reporters, the union played protest songs and shouted slogans like "Step back."

Kim Hyung-sun, chairman of the IBK labor union, and others faced President Yoon and said, "President Moon Jae-in said parachute appointments are deep-rooted evils, and the Democratic Party called parachute appointments a poison. We cannot recognize (Yoon) as the president of IBK. The only correct answer is to resign voluntarily and step down."

President Yoon tried to continue the conversation by saying, "I will listen carefully to your concerns," and "I understand the union's position," but the union warned, "We don't want to listen. If you don't resign voluntarily, we will continue the endless struggle," repeatedly demanding his resignation.

During this process, President Yoon asked back, "Did you say I am incompetent and a parachute appointment?" and said, "I don't think so." When the union said, "You, sir, are not qualified to say you will work hard as the president of IBK," President Yoon rebutted, "I think the evaluation on that part is different."

On the 3rd, union members held a rally to block the new President Yoon Jong-won's arrival at the IBK Industrial Bank headquarters in Euljiro, Seoul, shouting slogans. Photo by Kim Hyun-min kimhyun81@

When the union reiterated that they "cannot accept (President Yoon)," he said, "I will come again. Please take care in the cold," then turned around, got into the waiting car, and left. On his way back to the car, when asked by reporters how he would set the relationship with the union, he replied, "I think I should keep listening carefully."

An IBK official said regarding President Yoon's future schedule, "Nothing has been officially decided yet." It is known that President Yoon and IBK executives plan to hold a private meeting at a location other than the IBK headquarters as early as that day to discuss current issues. The inauguration ceremony schedule has not been set yet.

President Yoon was appointed the day before. A former Blue House senior economic secretary, Yoon holds a bachelor's degree in economics from Seoul National University, a master's degree in public administration from Seoul National University Graduate School, and a Ph.D. in economics from UCLA. He entered public service through the administrative examination and has held key positions in the Ministry of Finance and the Ministry of Strategy and Finance. He also served as the Executive Director of the International Monetary Fund (IMF) and as Ambassador Extraordinary and Plenipotentiary to the Organisation for Economic Co-operation and Development (OECD).

The parachute appointment controversy surrounding the selection of the IBK president arose even before the previous president Kim Do-jin stepped down at the end of his term on the 27th of last month. This was due to early rumors of Ban Jang-sik, former Blue House senior secretary for jobs, being nominated. The controversy intensified as the current administration was criticized for breaking the precedent of appointing three consecutive internal presidents?Jo Jun-hee, Kwon Sun-joo, and Kim Do-jin.

In this situation, the appointment of President Yoon has sparked conflict. The IBK labor union plans to continue blocking his work until the general election in April if he does not step down, and simultaneously, they intend to join forces with the Federation of Korean Trade Unions and the Financial Industry Union to sever policy ties with the current government.

Right after the official announcement of his appointment the day before, President Yoon told this paper in a phone interview, "I plan to meet with IBK union members to listen carefully to their concerns and worries," adding, "Although the meeting time has not been set yet, I will meet as soon as possible to have a dialogue and resolve things reasonably."

This content was produced with the assistance of AI translation services.