"Restructuring Firefighter" Lee Dong-geol, KDB Chairman: "Reappointment? I Will Just Do My Best for the Remaining Term"

Term until September... Amid Reappointment Rumors
"Exerting All Abilities in Uncertain Situations"
"Time to Focus on the Given Tasks"

[Asia Economy Reporter Kangwook Cho] "The responsibility of a Chief Executive Officer (CEO) is to do their best in the given duties until the very last day of their term."

There is someone who is spending extremely busy days supporting companies struggling with management difficulties as the economic crisis triggered by the novel coronavirus disease (COVID-19) shakes even the backbone of Korea’s national key industries. That person is Lee Dong-geol, chairman of KDB Industrial Bank, a state-run bank. As Doosan Heavy Industries, Korean Air, Asiana Airlines, and Ssangyong Motor ? which is even rumored to have its major shareholder giving up ? send consecutive emergency rescue (SOS) signals amid a liquidity crisis, he is overwhelmed trying to untangle the complex corporate crisis amid the prolonged COVID-19 pandemic. This chairman suddenly drew attention by bringing up the topic of 'CEO theory.'

Yesterday, the Industrial Bank held an online briefing session to answer questions about recent major issues. After the deputy head of the department responded to pre-collected questions, Chairman Lee made a surprise appearance and delivered a determined statement. First, he opened by saying, "Even in this uncertain situation where no one knows how much financial support will be needed or when the economy will recover due to the COVID-19 crisis, our executives and employees are working overnight to exert all their capabilities to ensure that various fund disbursements are made as quickly as possible."

Then Chairman Lee expressed doubt, saying, "There is so much to do and not enough time even if I focus only on the tasks at hand, so I don’t understand why there are talks about my term." Lee, who took office in September 2017, has a term that lasts until this September. With less than three months remaining, issues such as the merger and acquisition (M&A) of Daewoo Shipbuilding & Marine Engineering and Asiana Airlines have yet to be resolved. Because of this, speculation about his reappointment has emerged to ensure continuity in solving corporate crises under the special circumstances of COVID-19.

Chairman Lee emphasized, "A CEO is someone who does their best until the last day of their given term," adding, "That is the duty of care as a good manager and an important virtue." He said he would focus only on his duties during the remaining term. He repeated three times that he has no need to think about what comes next, does not think about it, and has no time for it.

There were also concerns about whether speculation about his reappointment might disrupt the bank’s work. Chairman Lee said, "The term is not the essential issue," and expressed hope that such issues would not interfere with the bank’s role. He continued, "We are working hard to support startups to create future growth engines, but no one pays attention," and drew a line under the reappointment rumors by saying, "I am already tired enough."

He also continued with blunt criticism of companies. Regarding HDC Hyundai Development Company, which requested a written reconsideration of the original terms for acquiring Asiana Airlines, Chairman Lee said, "This is not like dating in the 1960s; we can meet and talk," delivering a sharp rebuke. He added, "The most important thing in a deal is mutual trust, and I still trust Hyundai Development. They know where I am, so they can come anytime."

Regarding Ssangyong Motor, which is requesting support from the bank, he quoted Admiral Yi Sun-sin’s words, "Life means certain death, death means certain life (生卽必死 死卽必生)," and pointed out, "Ssangyong only wants to survive and does not seriously put everything down and think it through." Chairman Lee expressed his hope, saying, "It is a misconception to think that just putting in money can save a company. I hope labor and management put everything down and negotiate seriously."

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