FKI, Hankyung Association Elects Ryu Jin, Chairman of Pungsan, as New President (Comprehensive)

The Federation of Korean Industries (FKI) will change its name to the Korea Economic Leaders Association (KELA) and appoint Ryu Jin, chairman of Poongsan, as the new chairman at the extraordinary general meeting to be held on the 22nd.

On the 7th, FKI emphasized the background of Chairman Ryu's nomination, stating, "He is an outstanding individual with exceptional experience, knowledge, and network on the global stage, making him the right person to lead the newly reborn Korea Economic Leaders Association as a global think tank and a truly central global economic organization." Chairman Ryu has served as vice chairman of FKI since 2001 and currently chairs the Korean side of the Korea-US Business Council.

On May 18, FKI announced an innovation plan to transform into a think tank-type economic organization by absorbing and integrating the Korea Economic Research Institute under its umbrella, and to change the institution's name from the 'Federation of Korean Industries,' used for 55 years, to KELA. Accordingly, at the FKI extraordinary general meeting on the 22nd, agenda items will include the absorption and integration of the Korea Economic Research Institute under FKI, the change of the FKI name to KELA, and the appointment of Chairman Ryu as the new chairman of KELA.

Born in 1958, Chairman Ryu graduated from Seoul National University with a degree in English Literature and completed a master's program in business administration at Dartmouth College in the United States. He has served as vice chairman of FKI since 2001. Currently, he holds positions as chairman of the Korean side of the FKI Korea-US Business Council, vice chairman of the Korea-Japan Economic Association, and board member of the Center for Strategic and International Studies (CSIS) in the U.S. With extensive connections in the U.S., Chairman Ryu has been recognized for enhancing Korea's status in the international community, receiving the Gold Tower Order of Industrial Service Merit in 2005, the Moran Medal of the Order of Civil Merit in 2012, and the Van Fleet Award in 2022.

Chairman Ryu is fluent in English and Japanese at a native level. Leading a defense company, he is also known as a prominent 'America expert' with a broad network. He has been evaluated by corporate chairmen as the right candidate for the next FKI chairman due to his ability to achieve significant trade outcomes.

With Chairman Ryu's appointment, Kim Byung-joon, acting chairman of FKI, will step down after the 22nd. Since former chairman Huh Chang-soo stepped down in January this year and no successor emerged, Kim has served as acting chairman for six months since February, striving to reform FKI. While acting chairman, he organized and led economic delegations to Japan and the U.S., regaining to some extent the role of the leading economic organization that was lost during the previous administration.

Meanwhile, although it is unusual for a chairman of a mid-sized company to lead FKI, it is not unprecedented. Starting with the late Lee Byung-chul, founder of Samsung, major conglomerate heads such as the late Lee Jung-rim, president of Korea Cement, the late Chung Ju-yung, chairman of Hyundai Group, and the late Choi Jong-hyun, chairman of SK Group, have served as FKI chairmen. There is also a case of a chairman from a mid-sized company: Kang Shin-ho, honorary chairman of Dong-A Socio Group, served as FKI chairman from 2004 to 2007.

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