Huh Chang-soo Reappointed as Next Chairman of FKI... Five Consecutive Terms Since 2011

[Asia Economy Reporter Woo Su-yeon] Huh Chang-soo, Honorary Chairman of GS Group, has been reappointed as the Chairman of the Federation of Korean Industries (FKI). Since taking office in 2011, Chairman Huh has led the FKI for over 10 years through five consecutive terms.

On the 25th, the FKI announced that it decided to nominate the current Chairman Huh Chang-soo as the next chairman at the 60th regular general meeting to be held on the 26th at the FKI Conference Center in Yeouido. The FKI stated, "After gathering opinions from various business leaders and senior figures in the business community, there was a consensus to reappoint Chairman Huh, who knows the FKI better than anyone else, especially in these difficult times."

Huh Chang-soo, Chairman of the Federation of Korean Industries / Photo by Hyunmin Kim kimhyun81@

According to the business community, Chairman Huh had consistently expressed his intention to resign, but the FKI was unable to find a suitable successor, and after much reluctance, he accepted the extension of his term. Amid increasing difficulties for economic organizations due to the government's strengthened corporate regulations, the FKI's status has declined since the 2016 political scandal, making it particularly challenging to find a successor.

Since his inauguration in 2011, Chairman Huh has been reappointed four times, leading the FKI for the past 10 years. He also expressed his intention to resign when his term expired in 2019 but ultimately decided to continue. The FKI chairman’s term is two years, with unlimited reappointments allowed.

The FKI said, "Chairman Huh has led the FKI well despite various challenging circumstances, and he is the best candidate to lead the FKI and the private economic sector going forward, especially given the unfavorable domestic and international economic conditions."

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