Forecast: Next President to Be Selected... Nomination Committee Formation Underway
[Asia Economy Reporter Song Seung-seop] The Korea Deposit Insurance Corporation (KDIC) has begun the process of selecting its next president.
According to the financial sector on the 14th, KDIC is forming an Executive Recommendation Committee (ERC) to appoint a successor to President Wi Seong-baek.
According to the revised Public Institution Management Act enacted last November, the boards of public enterprises and quasi-governmental institutions must form an ERC at least two months before the current president's term ends. President Wi's term expires on September 17, and KDIC plans to complete the formation of the ERC by the 17th of this month.
Once the ERC is established, a call for presidential candidates will be announced. Candidates will be selected through document screening and interviews, with the Financial Services Commission chairman recommending and the president appointing the final candidate.
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The term is three years in total, and there has been no precedent of reappointment among past KDIC presidents.
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