Lee Sun-ho as Next Candidate for Korea Securities Depository President...Union Calls Him a "Parachute Unrelated to Capital Market"

New President Appointed at the Shareholders' Meeting on the 28th

[Asia Economy Reporter Minji Lee] Lee Sun-ho, a research fellow at the Korea Institute of Finance (Head of the Banking Research Office), who was embroiled in controversy over rumors of his nomination as the next president of the Korea Securities Depository, has been finally selected.

According to the financial investment industry on the 22nd, the Executive Recommendation Committee (ERC) conducted interviews with candidates for the new president in the afternoon and selected Lee as the final candidate. Three people attended the interview that day: Do Byung-won, former CEO of Heungkuk Asset Management, Park Cheol-young, Executive Director of the Korea Securities Depository, and Lee.

Je Hae-moon, chairman of the Korea Securities Depository labor union, along with union members, held a picket protest against parachute appointments in front of the interview venue in Seoul that day.

The union stated, "The ERC ultimately selected Lee Sun-ho, who was controversial due to nomination rumors, as the final candidate for the new president," and added, "We plan to hold an anti-parachute appointment rally tomorrow in front of the Busan International Finance Center, where the Korea Securities Depository headquarters is located."

The union argued, "Mr. Lee is a banking law research expert, unrelated to the operations of the Korea Securities Depository, a capital market infrastructure institution, and has no administrative experience such as command or supervision, making him unsuitable as the head responsible for leading and managing about 1,000 employees."

The Korea Securities Depository plans to hold a shareholders' meeting on the 28th to decide on the new president.