Democratic Party Recruits '7th Talent' Lee Yong-woo, Co-CEO of KakaoBank

Professor Jang Ha-joon's 40-Year-Old Friend... Also Gave Up Stock Options Worth 2.6 Billion Won

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] The Democratic Party of Korea announced on the 12th that Lee Yong-woo (55), co-CEO of KakaoBank, is their '7th recruited talent.'

Born in Chuncheon, Gangwon Province, Lee attended elementary, middle, and high school in Busan. He graduated from Seoul National University with a degree in Economics (class of '82) and earned both his master's and doctoral degrees from the same university. In 1992, he joined Hyundai Economic Research Institute, worked in Hyundai Group's General Planning Office, and was responsible for strategic planning and mergers & acquisitions (M&A) at Hyundai Motor Company. He is a financial expert who also served as a senior economist at Hyundai Investment & Securities.

During his tenure as managing director at Dongwon Securities, he led the financial-industrial separation of Dongwon Group and facilitated the acquisition and merger of Korea Investment Trust, accumulating over 20 years of experience in the financial industry. He later served as head of strategic planning at Korea Investment Holdings, head of asset management at Korea Investment & Securities, and chief investment officer at Korea Investment Management.

He joined KakaoBank, which received preliminary approval as the second internet-only bank in 2015, and led the bank to turn a profit within two years after commencing operations in July 2017.

At the party entry ceremony, Lee said, "I could not accept a society where the economic ecosystem is destroyed and only a few thrive, where entrepreneurship is not readily encouraged, and where there is no reward for challenges, causing sons and daughters to settle for public enterprises and government jobs. As a CEO who has led companies under the banner of innovation and built fairly successful businesses based on on-site experience, I intend to realize innovation in politics."

He is also a 40-year close friend of world-renowned scholar Professor Ha-Joon Chang of the University of Cambridge's Department of Economics. Upon hearing the news of Lee's entry into the Democratic Party, Professor Chang expressed in writing, "As a friend, I am very pleased that Lee, who has accumulated important experience and valuable knowledge through his balanced career in industry and finance, is taking on a significant role in politics. As a citizen of the Republic of Korea, I am grateful."

Upon deciding to join the Democratic Party, Lee gave up all 520,000 stock options of KakaoBank (exercise price 500 won) that would have been valid if he worked until the end of this year. The value is at least 2.6 billion won. Lee said, "Social offerings are offerings, and politics is dedication. The opportunity to serve is more precious."

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