Eokwon Lee, Nominee for Financial Services Commission Chairman, Resigns as LF Outside Director

Eokwon Lee Steps Down as LF Outside Director
Following Nomination as Financial Services Commission Chairman
LF Announces Share Buyback to Stabilize Stock Price and Enhance Shareholder Value

Eokwon Lee, nominee for chairman of the Financial Services Commission, has resigned from his position as an outside director at LF.

On August 18, LF announced that Eokwon Lee, who served as an outside director, resigned on August 14 for personal reasons. He was appointed as an outside director at LF in March 2023, with a three-year term that was originally set to expire in March next year.

Eokwon Lee, nominee for Financial Services Commission chairman. Photo by Yonhap News

It appears that he stepped down from the outside director position after being nominated as the chairman of the Financial Services Commission. Born in 1967, Lee holds a Ph.D. in economics from the University of Missouri in the United States and previously served as the First Vice Minister at the Ministry of Economy and Finance.

On the same day, LF also announced its decision to acquire 160,000 shares of its own stock, valued at 3 billion KRW. This share buyback is intended to stabilize the stock price and enhance shareholder value. Last year, LF announced its plan to purchase treasury shares worth up to 15 billion KRW annually for three years.

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