Korea Securities Depository Appoints Lee Myung-ho as New President at Extraordinary General Meeting... Union Opposes

[Asia Economy Reporter Oh Ju-yeon] Lee Myung-ho, Senior Specialist of the Democratic Party of Korea, has been appointed as the next president of the Korea Securities Depository.

On the 29th, the Depository announced that Lee, who was recommended by the Executive Recommendation Committee, was appointed as the new president at the extraordinary shareholders' meeting held at 10 a.m. at the Yeouido headquarters in Seoul.

Lee will officially take office as president after approval from the Financial Services Commission.

The current president, Lee Byung-rae's term ended on December 23 of last year, but due to delays in appointing a successor, his retirement ceremony is scheduled for the 30th.

Born in 1963, Lee graduated from Geochang Daeseong High School and Seoul National University with a degree in Law. He entered public service by passing the 33rd Administrative Examination and has served as Director of the Capital Market Division, Capital Market Investigation Officer, and Structural Improvement Policy Officer at the Financial Services Commission.

Meanwhile, the Depository's labor union has labeled this appointment as a "parachute appointment." In a statement released that day, the union said, "The hereditary transfer of bureaucratic parachute appointments in financial public enterprises is no different from the corruption of preferential treatment in the legal profession," and demanded institutional reform.

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