Yoon Jong-won, CEO of Industrial Bank of Korea, Carries Out 'Official CEO Schedule' Despite First Day Absence

Yoon Jong-won, the new president of IBK Industrial Bank, has been unable to go to work on the 3rd due to being blocked by the union's resistance at the IBK Industrial Bank headquarters in Euljiro, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Hyo-jin] Despite the controversy over his parachute appointment and the cancellation of his first day at work due to labor union opposition, Yoon Jong-won, the newly appointed president of IBK Industrial Bank of Korea (IBK), officially began his duties as the bank's president on the 3rd.

On the same day, Yoon attended the '2020 Pan-Financial New Year's Meeting' held at the Shilla Hotel in Jung-gu, Seoul. He was appointed the previous day and officially started his term from that day.

When asked by reporters whether he had contacted the labor union, Yoon replied, "Not yet. I will have to meet them." He did not provide any further comments regarding the parachute appointment controversy and proceeded to the event venue.

Earlier that morning, Yoon attempted to go to the IBK headquarters in Euljiro, Seoul, but was blocked from entering the office by the nationwide financial industry union's IBK branch's protest against his attendance, forcing him to turn back.

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

Yoon tried to continue the conversation by saying, "I will listen carefully to your concerns," and "I understand the union's position well," but the union warned, "We do not want to listen. If he does not voluntarily resign, we will continue endless protests," repeatedly demanding his resignation.

During this exchange, Yoon asked back, "You said I am underqualified and a parachute appointee, right?" and added, "I do not think that is the case." When the union said, "You, Mr. Chief (Yoon), do not have the right to say you will work hard as the president of IBK," Yoon countered, "I think the evaluation on that matter is different."

The IBK labor union plans to continue its protest to block Yoon's attendance until the general elections in April if he does not step down, and simultaneously, it intends to sever policy alliances with the current government in solidarity with the Federation of Korean Trade Unions and the Financial Industry Union.

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