Amid Union Opposition, Cheongwadae and Government Support Yoon Jong-won... Prolonged Standoff Expected

Yoon Jong-won, Bank President, Denies Being a Parachute Appointment, States Will Continue Dialogue with Union
Union Strongly Opposes... Ready for Total Strike to Block Commute and Demand Resignation
Concerns Over Prolonged Standoff

Newly appointed IBK Industrial Bank President Yoon Jong-won was blocked by union members opposing his inauguration as he tried to go to the IBK headquarters in Jung-gu, Seoul on the 3rd. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Hyo-jin] As Yoon Jong-won, the newly appointed president of IBK Industrial Bank of Korea, failed to make his first day at work due to opposition from the labor union over the controversy of a 'parachute appointment,' the Blue House and the government are continuously showing support for President Yoon. While President Yoon is carrying out official schedules on the premise of 'trying to resolve the issue through dialogue with the union' and showing determination, the union maintains its stance that 'resignation is the only answer,' indicating that the conflict and standoff are likely to be prolonged.

According to financial authorities and the financial sector on the 5th, Eun Sung-soo, chairman of the Financial Services Commission, told reporters at the '2020 Pan-Financial New Year Meeting' held at the Shilla Hotel in Jung-gu, Seoul, on the 3rd, regarding the parachute controversy surrounding President Yoon, "IBK employees will realize that he is an excellent person if they observe his qualifications and expertise a little longer." The president of IBK is nominated by the Financial Services Commission chairman and appointed by the president.

Chairman Eun said, "It is a fact that he (President Yoon) is an outsider, but his ability as president can be understood by looking at his entire career," and added, "This is a matter for President Yoon and the union to resolve, so I will watch the situation." He further stated, "He has many capabilities," and expressed hope that "if the parties communicate well and understand each other, it would be good."

A Blue House official told reporters on the same day, "Those who have worked at the Blue House fundamentally understand our government's national philosophy best." This is interpreted as a rebuttal to criticism from inside and outside the financial sector that the appointment was a parachute appointment.

President Yoon entered public service in 1983 by passing the 27th Administrative Examination and has held key positions in the Ministry of Finance, Ministry of Planning and Economy, and Ministry of Strategy and Finance. He has served as the Executive Director of the International Monetary Fund (IMF), Ambassador Extraordinary and Plenipotentiary to the Organisation for Economic Co-operation and Development (OECD), Chairman of the Pension Fund Management Committee, and worked as the economic secretary to President Moon Jae-in.

President Yoon was appointed on the 2nd and attempted to make his first day at work at the IBK headquarters in Jung-gu, Seoul, the next day but was blocked by the union. During the standoff with the union, President Yoon expressed his view on the parachute controversy, saying, "I do not think that is the case," and stated his intention to "come again."

Regarding President Yoon's stance, Kim Hyung-sun, chairman of the IBK labor union, said in a phone interview with Asia Economy on the same day, "It is unacceptable that (the government, etc.) is framing the current situation as 'an issue to be resolved between the union and Yoon Jong-won.'"

Chairman Kim reaffirmed the union's existing position, saying, "Those who made such an appointment should take responsibility," and that there is no need to talk with President Yoon, and that only his resignation is the solution.

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