Gu Ja-yeol, Chairman of Muhyeop, Decides Not to Seek Reappointment... Successor is Former Minister Yoon Jin-sik

by Han Yeju

Published 13 Feb.2024 14:56(KST)

Gu Ja-yeol, Chairman of the Korea International Trade Association (KITA), indicated on the 13th at an extraordinary board meeting held at the Trade Center in Samseong-dong, Gangnam-gu, Seoul, that he will not seek reappointment as chairman of the association.

Chairman Gu stated, "As LS Group is aggressively expanding investments, including acquiring an investment securities company and investing in a secondary battery factory in Saemangeum, the need to focus on my role as chairman of the board has increased," adding, "There are many responsibilities to attend to, such as expanding economic exchanges between Korea and Japan and serving as the chairman of the Korea University Development Committee, making it difficult to fully dedicate myself to the KITA chairmanship."

Koo Ja-yeol, Chairman of the Korea International Trade Association. / Photo by Kang Jin-hyung aymsdream@

Chairman Gu was elected as the 31st chairman of KITA in February 2021. His late father, Gu Pyeong-hoe, Honorary Chairman of E1, also served as KITA chairman during the 22nd to 23rd terms (1994?1999), marking the first instance of a father and son consecutively holding the KITA chairmanship.

Following Chairman Gu's announcement of his intention to step down, the KITA board recommended former Minister of Industry and Resources Yoon Jin-sik as the next chairman of KITA on the same day.

The board cited the reason for the recommendation, stating, "Former Minister Yoon has a deep understanding of trade and commerce issues from his tenure as Minister of Industry and Resources and has experience handling economic and financial policies. Through his extensive domestic and international network, he is the right person to address the urgent challenges facing Korean trade, such as the rapidly changing trade environment, supply chain restructuring, and resolving various regulations."

KITA plans to finalize the chairman candidate recommendation through a board meeting and directors' meeting on the 16th and officially appoint former Minister Yoon as the next chairman at the regular general meeting on the 27th of this month.