Federation of Korean Industries Holds General Meeting Today, Appoints Kim Byung-joon as Acting Chairman

[Asia Economy Reporter Park Sun-mi] The Federation of Korean Industries (FKI) will hold its regular general meeting on the morning of the 23rd at the FKI Conference Center to discuss the appointment of Kim Byung-joon as acting chairman.

The FKI has determined that now is the time for a major innovation and change. Accordingly, they have put forward Kim as a savior to objectively diagnose the FKI and lead organizational change. They judged that he is the right person to temporarily take charge of the FKI and lead innovation, not only because of his extensive experience and scholarship but also because he shares the belief in the free market economy that the FKI pursues.

The FKI faced the task of selecting a new chairman after Chairman Huh Chang-soo, who served six consecutive terms, expressed his intention to resign last month ahead of the expiration of his term. A chairman candidate recommendation committee was formed with Lee Woong-yeol, Honorary Chairman of Kolon Group, as the chairman, and began the process of selecting the next chairman, but they were unable to find a suitable candidate.

The FKI is a private comprehensive economic organization with large corporations as its members. Until the Park Geun-hye administration, it played the role of the 'eldest brother' among economic organizations, but its influence weakened after being implicated in the political scandal. Currently, securing member companies that fit the role of a private organization with large corporations as members is urgently needed. Since 2016, starting with LG, the four major groups including Samsung, SK, and Hyundai Motor Group have all withdrawn, and re-admission has not been achieved to date. The number of FKI member companies increased from 500 in 2014 to 619 in 2016 but has now shrunk to 420.

Kim is expected to serve as chairman of the FKI Future Development Committee and acting chairman for about six months, laying the foundation for a new FKI and implementing efforts to transform the FKI into an organization that breathes together with the people once again.