Yoon Jong-won, CEO of Industrial Bank of Korea, to Hold Inauguration Ceremony as Early as 29th... Union's Work Stoppage Ends

Newly appointed IBK Industrial Bank of Korea President Yoon Jong-won was blocked by union members opposing his appointment as he tried to go to the bank's headquarters in Jung-gu, Seoul, on the 3rd. President Yoon was unable to enter due to the union members' protest against what they called a "parachute appointment" and had to turn back. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kwon Haeyoung] Yoon Jong-won, President of IBK Industrial Bank of Korea, is scheduled to hold an inauguration ceremony as early as the 29th. Following the end of the union's work stoppage protest that began immediately after Yoon's inauguration on the 3rd, he is expected to report to the IBK headquarters 27 days after his appointment.

According to the financial sector on the 28th, Lee In-young, floor leader of the Democratic Party of Korea, and Eun Sung-soo, Chairman of the Financial Services Commission, met with the IBK union executives at the Bankers' Hall in Myeong-dong, Jung-gu, Seoul the previous day and expressed "deep regret." Yoon Jong-won, President of IBK, was also present at the meeting.

An IBK union official stated, "We agreed to cooperate in eradicating parachute appointments, which the union had demanded as a precondition for dialogue," adding, "If union members agree during a meeting to be held within the day, the work stoppage protest will be withdrawn and discussions between labor and management will proceed."

Accordingly, IBK is expected to hold Yoon Jong-won's inauguration ceremony as early as the 29th, or at the latest on the 30th. Until now, the union has criticized the appointment of Yoon, a former bureaucrat, as a "parachute appointment" and demanded dialogue with the ruling party and government. However, as the union's work stoppage protest prolonged, concerns grew over delays in appointing IBK executives and affiliate company representatives, as well as a contraction in business operations.

Meanwhile, on the morning of the same day, Lee In-young stated at the Democratic Party's floor countermeasure meeting, "The labor-management conflict related to the new IBK president has been resolved," adding, "On the last day of the Lunar New Year holiday, labor and management each made concessions to reach an agreement and decided to normalize operations." He further said, "There were criticisms regarding communication during the IBK president appointment process. On behalf of the Democratic Party, I expressed deep regret over those criticisms."