Jeong Eun-bo, Head of Financial Supervisory Service, First Executive Personnel Move 'Imminent'... Over Half Expected to Be Replaced

Prospects for Personnel Announcements After the National Audit

[Asia Economy Reporter Jin-ho Kim] Jeong Eun-bo, the Governor of the Financial Supervisory Service (FSS), is expected to carry out his first executive personnel reshuffle soon after taking office. Governor Jeong, who assumed office last August, is anticipated to replace about half of the executives, including the Senior Deputy Governor, in his first personnel move. Along with the FSS executive reshuffle, personnel changes at related organizations such as the Financial Security Institute are also expected to proceed concurrently.

According to the financial sector on the 3rd, the Blue House is currently conducting personnel verification for the FSS executives. Excluding the currently vacant auditor position, there are a total of 14 FSS executives (4 Deputy Governors and 10 Deputy Governors for Policy).

The Deputy Governors of the FSS are appointed by the Financial Services Commission upon the recommendation of the FSS Governor. In the case of Deputy Governors for Policy, the Governor appoints them directly, but all must undergo personnel verification by the Blue House.

The timing of the personnel reshuffle is likely to be in mid-October after the National Assembly audit begins next week, as the FSS Governor and key executives need to attend the audit together.

Earlier, just four days after taking office on August 10, Governor Jeong requested all 14 executives to submit their resignations collectively. While most accepted and submitted their resignations, it is known that three executives refused, citing the need to guarantee their terms for the independence of financial supervision.

For the successor to Senior Deputy Governor Kim Geun-ik, who led the FSS until just before Governor Jeong’s appointment, Lee Chan-woo, Chairman of the Gyeongsangnam-do Economic Innovation Promotion Committee, has been mentioned as a candidate. Chairman Lee, a 31st administrative examination pass, served as Director of the Future Society Policy Bureau and Economic Policy Bureau at the Ministry of Strategy and Finance, and was the longest-serving Deputy Minister at the Ministry. He is said to be a close associate of Governor Jeong, having worked closely together at the Ministry of Strategy and Finance. He is also the younger brother of Lee Yong-woo, a member of the Democratic Party of Korea.

Besides the Senior Deputy Governor, about half of the executives, including two Deputy Governors promoted internally and three Deputy Governors for Policy whose terms expire in March next year, are expected to be replaced.

Meanwhile, personnel changes at related organizations such as the Financial Security Institute are also expected to proceed in conjunction with the FSS executive reshuffle. Kim Young-ki, the head of the Financial Security Institute, whose term expired last April, is still holding his position. A chain of position changes is anticipated following the FSS executive reshuffle. Given the frequent movements of Deputy Governor-level personnel in the past, Choi Sung-il, Deputy Governor of the FSS, Yoon Chang-ui, former Deputy Governor for Policy of the FSS, and Lee Sung-je, Deputy Governor for Policy, are being strongly mentioned as likely candidates.

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