Min or Gwan... Korea Federation of Women’s Financial Associations Begins Next President Appointment Process

Recruitment Announcement on the 5th

[Asia Economy Reporter Yoo Je-hoon] The Korea Credit Finance Association has officially begun the process of selecting its next chairman. With former chairman Kim Joo-hyun promoted to Financial Services Commission Chairman, raising the association's stature, attention is focused on whether the balance will tip toward candidates from the private (min) or public (gwan) sectors.

According to the financial sector on the 2nd, the Korea Credit Finance Association will conduct a candidate recruitment for the 13th chairman over eight days starting from the 5th. This comes about four months after former chairman Kim's term expired. Although Kim's term ended in April, the appointment process for the new chairman was delayed due to the postponement of his appointment as Financial Services Commission Chairman.

After the recruitment period ends, the Chairman Candidate Recommendation Committee, composed of 15 members including 14 board directors (7 from card companies, 7 from capital companies) and 1 auditor, will conduct interviews and finalize a single candidate. However, if there are five or more candidates, the committee will hold a first round to shortlist the final candidates and then a second round to select a single candidate.

The single candidate confirmed through the committee will then be officially appointed as chairman through a general assembly vote.

Within the industry, as the status of the Korea Credit Finance Association chairman has grown, there is keen interest in who will be appointed next. Since the chairman position became full-time in 2010, among the four chairmen to date, only Kim Deok-su, a former KB Kookmin Card president, came from the private sector, while the other three were all from the public sector.

Accordingly, it is assessed that public sector candidates currently hold an advantageous position, but the association explains that it is too early to jump to conclusions. On the private side, names such as Seo Jun-hee, former BC Card CEO; Jeong Won-jeon, former Woori Card CEO; and Park Ji-woo, former KB Capital CEO, are being mentioned. On the public side, former KT Capital CEO Nam Byung-ho, former Korea Securities Finance Corporation President Jeong Wan-gyu, and former Deposit Insurance Corporation President Wi Sung-baek are reportedly being considered.

A financial sector official said, "Since it is the early stage of the new government and the financial market is unstable due to various internal and external risks, the ability to communicate smoothly with authorities and respond to crises is more important than anything else. I think these circumstances will be reflected in the election process as well."