Lee Bok-hyun "Internal personnel changes after the National Assembly audit"... Dismisses running for the general election?

"Excluding Academic and Regional Ties... Judging Only by Performance"
Director Lee Bok-hyun Has Made Bold Personnel Changes Since Taking Office
Internal Personnel Commitment Interpreted as a 'Decision Not to Run' Seal

Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), recently informed executives that "internal personnel changes will be made within 50 days after the National Assembly audit ends." Regarding the principles of personnel appointments, he reportedly stated, "We will thoroughly exclude academic and regional ties and judge solely based on performance." The National Assembly audit will begin on the 10th and conclude on the 27th. The FSS audit is scheduled for the 17th.

Lee Bok-hyun, Governor of the Financial Supervisory Service. Photo by Dongju Yoon doso7@

In this context, a large-scale reshuffle of FSS personnel is expected to take place within this year. Typically, the FSS conducts regular personnel appointments from November to January of the following year in the order of executives, directors, and working-level staff. A financial industry insider said, "The domestic financial market is highly volatile, and the internal and external situations are challenging," adding, "This seems to be a measure to instill tension within the FSS ahead of the year-end." Since his inauguration in June last year, Governor Lee has frequently carried out personnel changes for executives and director-level officials, making regular appointments almost meaningless.

As a result of personnel changes conducted twice in August and December last year, young executives, including deputy governors born in 1969 and 1970, have taken center stage. The phrase "Now, only a few FSS executives from the Bank of Korea remain" has been heard, indicating a significant overhaul. In May, Kim Mi-young was appointed as the head of the Consumer Protection Department, marking a historic first by promoting a female executive with a high school diploma from within the organization.

The financial sector is particularly attentive to Governor Lee's expressed intention to carry out internal personnel changes at this point. He has consistently denied rumors of running for office, stating, "I will stick to the FSS like a leech and work until the end" (March 14, FSS executive meeting) and "I have no intention of entering politics" (September 4, National Assembly Political Affairs Committee plenary session).

However, rumors of his candidacy have not ceased. The prevailing view around him is, "Even if he denies it, if he is asked to run in 'Yongsan' at the end of the year, he might have no choice but to do so." A government official conveyed that "there are talks that Governor Lee is scouting for a constituency in 'Yongsan' to run." Amid this, with Governor Lee officially expressing his intention for personnel changes, speculation arises that "usually, those who are about to leave do not make personnel changes for their successors, so this might be a way to firmly declare he will not run in the general election."

Meanwhile, since Governor Lee's inauguration, the FSS has received an A grade in the government’s annual management evaluation for the first time in seven years. The Financial Services Commission's Management Evaluation Committee awarded the FSS an A grade in last year's evaluation. The FSS had received a C grade in 2016 and 2017, and only a B grade from 2018 to 2021. Notably, the FSS was recognized for its early response to stabilize the market when the short-term funding market froze due to the Legoland incident in October last year.

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