Kim Byunghwan Steps Down as Financial Services Commission Chairman, Quietly Departs Without Farewell Ceremony

Expresses Regret to Financial Services Commission Staff Ahead of Dissolution

Kim Byunghwan, Chairman of the Financial Services Commission. Photo by Jo Yongjun

Kim Byunghwan, Chairman of the Financial Services Commission, completed his 14 months of work and left the commission on September 12.

According to the financial sector, Chairman Kim met with executives and staff in his office at the Government Complex Seoul that morning to share his parting thoughts. Instead of holding a separate farewell ceremony, he simply greeted employees in his office.

Chairman Kim said, "It is unfortunate that the organization is being dismantled, but this is not the fault of the Financial Services Commission. No matter where you go, I believe you will fulfill your roles well. Please respond with composure."

The ruling party and government had previously announced a government reorganization plan to separate the financial policy functions of the Financial Services Commission and transfer them to the Ministry of Economy and Finance, while transforming the remaining organization into the Financial Supervisory Commission.

Since the announcement of the reorganization plan, resistance has reportedly been spreading within the commission, especially among younger staff members. Chairman Kim was also said to have expressed his regret to employees, saying, "I'm sorry I couldn't protect you."

Lee Eogwon, former Vice Minister of the Ministry of Economy and Finance, has been appointed as Kim's successor. President Lee Jaemyung is expected to appoint Lee Eogwon as the new chairman of the Financial Services Commission as early as today.

Meanwhile, as staff unrest has intensified, the commission decided to hold an explanatory session on the organizational restructuring for employees that afternoon. The session is expected to be led by Kwon Daeyoung, Vice Chairman of the Financial Services Commission.