Is Pungsan Chairman the Next FKI Chairman?… Kim Byung-joon Says "Not the Time to Talk... Decision in August" (Comprehensive)

Possible Appointment of New Chairman in August
Revamping FKI to Induce Joining of Top 4 Groups

Kim Byung-joon, acting chairman of the Federation of Korean Industries (FKI), said regarding the speculation that Ryu Jin, chairman of Poongsan, is being considered as the new head, "It is not the time to talk about it yet," adding, "It will be decided at the general meeting next month."

After the 'Korea-Japan Industrial Cooperation Forum' held on the 6th at the FKI building in Yeongdeungpo-gu, Seoul, Acting Chairman Kim told reporters, "It is not really the time to talk about that yet," and "When the member companies and chairpersons gather next month, it will be decided at the general meeting."

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries, is answering reporters' questions after the 'Korea-Japan Industrial Cooperation Forum' held on the 6th at the Federation of Korean Industries Conference Center in Yeouido, Seoul.
[Photo by Yonhap News]

He said, "I met Chairman Ryu for the first time at the event yesterday and did not have a chance to talk in detail," adding, "Various names are being mentioned among the chairpersons."

Chairman Ryu also attended the forum that day. Regarding the speculation about his appointment as chairman, he said, "Not yet." Ryu is regarded as well-versed in U.S. affairs. He has a wide network across both the Republican and Democratic parties in the U.S. As economic issues between Korea and the U.S., such as semiconductors, increase recently, he is being mentioned as a strong candidate.

Kim Byung-joon, Chairman of the Federation of Korean Industries, speaking at the 'Korea-Japan Industrial Forum' held on the 6th at the Federation of Korean Industries building in Yeongdeungpo-gu, Seoul.
[Photo by Moon Chae-seok]

Regarding the rumors of the 'Big 4 Groups'?Samsung, SK, Hyundai Motor, and LG?returning, Acting Chairman Kim was reserved. On whether the Big 4 Groups will rejoin the FKI, Kim said, "It is not a topic I can speak about lightly."

Kim explained, "We have prepared reform measures such as decentralizing decision-making authority to various committees to ensure that incidents like the Mir and K Foundation cases never happen again," adding, "If there is consensus that the organization is for free market economy and liberal democracy, voices will emerge encouraging the Big 4 Groups to work together with the FKI."

When asked if he is persuading the Big 4 Groups to attend next month's general meeting, Kim said, "It is difficult to speak in detail."

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries (fourth from the left), and Tokura Masakazu, Chairman of Keidanren (to the right of Acting Chairman Kim), pose for a commemorative photo before the 'Korea-Japan Future Partnership Fund Steering Committee' meeting held on the 6th at the Federation of Korean Industries building in Yeongdeungpo-gu, Seoul.
[Photo by Moon Chae-seok]

The FKI will hold a general meeting at the end of next month to discuss the merger with the Korea Economic Research Institute (KERI) and the proposal to rename the organization as the Korea Economic Leaders Association (KELA). Kim said, "Once the general meeting is over next month, the corporate restructuring will be completed," adding, "After merging with KERI and creating new bylaws, we will make a fresh start."

The Big 4 Groups withdrew from the FKI in 2016 but maintain membership in KERI. If the merger is completed, the KERI membership list will be transferred to the FKI, naturally enabling the Big 4 Groups to rejoin the FKI.

Regarding the question that the Big 4 Groups feel burdened by the rumors of returning to the FKI, Kim said, "Anyway, after the general meeting next month, once the decision-making process is renewed and an ethics committee is established, the FKI will no longer be the same as before."

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