[Manbo Jeongdam] Chairman Son Byung-du "Ontong, my biggest hit"... Communication management glimpsed during a beach walk

Interview with Sohn Byung-doo, Chairman of Korea Exchange
Third-generation bureaucrat family... Entered bureaucracy via civil service exam
Dislikes 'gold spoon' prejudice, family remains silent
Exchange headquarters located in Busan... Connection to Busan following father, former mayor
Strengthened communication and achieved cloud system implementation since chairmanship

Editor's Note'Manbo Jeongdam (萬步情談)' is a segment within the 'One Day Ten Thousand Steps, One Day One Thousand Characters' movement, featuring interviews with notable figures who love walking. The interviews cover topics such as work and life, health, and happiness, conducted while walking together.

"I never intended to take the civil service exam from the start. Being from a family of public officials, there were many restrictions which I found frustrating. My grandfather was an administrator but served as an elected politician, and my father spent his entire life in public service. It was always burdensome to be conscious of others' eyes, but when I thought about a path I could achieve through effort, it turned out that the civil service exam was the only option."

Son Byung-du, Chairman of the Korea Exchange, is a typical elite bureaucrat. When told about interviewing him, an acquaintance looked at Son's profile and said, 'It's too predictable to be interesting.' However, he was different when met in the 'Manbo Jeongdam' segment. Judging him solely by the label 'elite bureaucrat' would be unfair. During an approximately 80-minute walk from Busan Cheongsapo to Songjeong Beach, his human side, hidden behind his impressive career, was revealed.

Third-generation Bureaucratic Family, Discomfort with Living Conscious of Others' Eyes

Chairman Son was born in 1964 in Seoul and graduated from Seoul National University with a degree in International Economics. He passed the 33rd civil service exam in the finance and economy track and began his bureaucratic career as an administrative officer at the Ministry of Government Administration and Home Affairs. Following his grandfather (Son Young-do, the first mayor of Daejeon) and father (Son Jae-sik, former Minister of Land and Unification), he is a third-generation public official.

He served as head of the Foreign Currency Fund Division and International Finance Division at the Ministry of Strategy and Finance before moving to the Financial Services Commission (FSC). At the FSC, he rose through the ranks as Director of the Financial Services Bureau, Director of the Financial Policy Bureau, Standing Commissioner, and Vice Chairman (Deputy Minister), before being appointed Chairman of the Korea Exchange in 2020. His term expires this December.

- Why did you start a bureaucratic career despite your dissatisfaction?

"My grandfather lost an election, and our family was devastated. My father spent his university days resolving rights issues. He had an aversion to politics. While in public service, he avoided associating with so-called 'dealers' and would carry his own lunch without making appointments. Growing up in such a family, I was always conscious of others' eyes, which I disliked. Initially, I had no intention of becoming a bureaucrat. But there was nothing else I was good at besides public service."

Chairman Son Byung-du attending the Housing Finance Improvement T/F (Implementation of the People’s Safe Conversion Loan) meeting held in 2019 at the Bankers' Hall in Jung-gu, Seoul, during his tenure as Vice Chairman of the Financial Services Commission / Photo by Kim Hyun-min kimhyun81@

I asked if he considered entering medical school since he was good at studying. He laughed and said, "I wasn't good at math." At that moment, the waves crashed at Busan Cheongsapo, and the strong scent of the sea filled the air.

- Then why didn't you take the judicial exam?

"I thought the judicial exam didn't suit me and had no interest in it. Also, when I was in school, the finance and economy track of the civil service exam was as popular as the judicial exam."

In fact, Choi Sang-mok, the President's Chief Economic Secretary, also graduated top of his class from Seoul National University Law School (class of '82) but took the finance and economy track of the civil service exam instead of the judicial exam. This illustrates the popularity of the finance and economy track.

He, who disliked being conscious of others' eyes since childhood, eventually became a bureaucrat. However, even after commissioning, he did not talk about his family background. Chairman Son said, "People only learned about my family after I reached a high position. Until I was a division chief, no one knew. I had no reason to talk about my family, and I disliked people assuming I lived comfortably as a 'gold spoon'."

There is an anecdote that reveals Chairman Son's discomfort with the term 'gold spoon.' When a reporter returned to cover the FSC after eight years, an employee, upon hearing he was from the Korea Exchange, asked, "How is Byung-du doing?" The employee said that Son was famous among FSC staff for taking great care to ensure that a diligent contract worker could continue in the same position when Son left the FSC.

Son Byung-du, Chairman of the Korea Exchange, is walking along the Cheongsapo promenade in Haeundae-gu, Busan, during an interview. Photo by Younghan Heo younghan@

Attended Four Elementary Schools and Three High Schools Following His Father

Because the Korea Exchange headquarters is in Busan, Chairman Son travels to Busan for work about once every one or two weeks. His tight schedule commuting between Seoul and Busan means he manages his health by weight training and running two to three times a week in Seoul. Things are a bit different when he goes to Busan.

Chairman Son said, "I like walking. When I come to Busan, I always walk." He said, "Others might visit a place once in a while with great effort, but I often take walks there, which is such a happiness. Walking from Marine City past Dongbaek Island to LCT and back takes about 1 hour and 10 minutes, roughly 14,000 steps." He also mentioned that in the early days of his tenure, he often walked the same path with his family. During the interview, he walked continuously without losing his breath.

The Haeundae Blueline Park (Cheongsapo Station) in Busan, where we walked, is a key tourist facility in the Haeundae tourism district, redeveloped eco-friendly from the old Donghae Nambu Line railway facilities. It features a tourist train and pleasant walking paths along the 4.8 km stretch from Mipo to Cheongsapo to Songjeong.

Although he frequently visits Busan for work, his connection to Busan is special. His father, Son Jae-sik, served as the 19th mayor of Busan (1980?1981) and as appointed governor of Gyeonggi Province (1976?1980), as well as Minister of Unification (formerly Ministry of Land and Unification). Officially, Chairman Son's profile lists 'Inchang High School - Seoul National University,' but he attended Busan Dongnae High School for one year and three months.

- You transferred twice during high school. That must have been tough.

"It was tough. My father wanted to take his children with him. Usually, families stay in Seoul, but he thought he couldn't properly care for us, so from my second sibling onward, he decided to bring us along. My older brother stayed in Seoul, but my sister and I followed our father. Because of that, I attended four elementary schools and three high schools. Still, I adapted relatively well."

Thanks to this, he has two high school classmates on the National Assembly's Political Affairs Committee. Kim Hee-gon of the People Power Party is a Busan Dongnae High School alumnus, and Song Seok-jun of the People Power Party is an Inchang High School alumnus.

Studied Vocal Music... Developed a 'Lifelong Hobby' After Becoming Korea Exchange Chairman

Son Byung-du, whom I met at Cheongsapo, was like Busan wrapped in sea fog. When sea fog appears, the boundary between mountain and sea disappears instantly, creating a free and dreamy atmosphere. When asked if he had any hobbies, he replied, "I started studying vocal music last year."

"I didn't like classical music, but after learning, I felt proud to have found a hobby I can do even as I get older. I took an advanced course at Korea National University of Arts and chose vocal music as a hobby class. Even without fully understanding the meaning, memorizing and singing Italian art songs gave me a sense of accomplishment. We even held two performances just for ourselves. We memorized German, acted, too. Since it was a five-part choir, to avoid following others' parts, you had to know their songs and stay focused. I thought professional singers were amazing. Still, it's so much fun."

- Maybe that's why you look brighter than when you were at the FSC.

"Compared to when I was in office, it has to look that way. It's hard to handle unless you have solid inner strength."

When told he smiles more now, he said, "When I gave my farewell speech as FSC Vice Chairman, I said it was hard to keep up the role all this time. Social life is role-playing, but at the FSC, I had to serve the minister and first-level officials, so I couldn't do as I pleased." Then he added, "At the Exchange, I thought I should do entertainment."

From 'Governance' to 'Operation'... Tablet Distribution, Establishment of Anonymous Bulletin Board

Since taking office at the Korea Exchange, Chairman Son has focused on increasing communication without being bound by formalities. He changed the atmosphere by introducing tablet reporting and establishing an anonymous bulletin board.

- Despite being a former bureaucrat, you seem very interested in changing work methods.

"I am very interested. Formalities often determine substance. I was somewhat dissatisfied with extremely formal things during my bureaucratic career. I came to the Exchange expecting a private company environment. But it was somewhat conservative and hierarchical. Since it is a public organization closely linked to authorities, the rigid culture seemed to prevent employees from fully realizing their potential. So I thought changing the form would change the substance. That thought was not wrong."

His establishment of a cloud system after taking office is especially praised as a masterstroke. Until his appointment, the Korea Exchange had not adopted cloud technology. Until just three years ago, when personnel changes occurred, employees often carried their PCs or monitors with them. Remote work was practically equivalent to taking leave. But after introducing the cloud system, employees can work on smart PCs and share progress.

- What effect did the anonymous bulletin board have?

"People usually hesitate and then decide not to do something. Is it because they are conservative? I think everything is due to a lack of communication. The Exchange is a very good workplace. But when I took office, I felt the employees were angry."

The chairman of the Korea Exchange is the highest-ranking person there. Since it is a formal position where refined conversations are held, I asked, "At what point and through what channels did you sense this?"

Chairman Son replied, "I heard through the secretariat staff and initially even looked at Blind." When asked if he still looks at Blind, he said, "I don't because we created 'Ontong,' an anonymous bulletin board." He emphasized, "We created Ontong to break away from Blind and channel energy into healthy communication. Personally, I think Ontong is my greatest hit."

In fact, when he came to the Korea Exchange as chairman, there were voices opposing him because he was a former bureaucrat. But that changed shortly after his appointment. However, his term expires this December. According to the Public Officials Ethics Act, he cannot work for private financial companies for three years.

I was curious about what he wants to do next. So I asked, 'Would you choose to be a CEO of an innovative company changing the world with an annual salary of 10 billion won, or Secretary-General of the United Nations with an annual salary of 30 million won?' He laughed and said, "I think everyone would give the same answer." Then I asked, 'After your term ends in December, would you choose to be unemployed for life or return to public service?' He replied, "I like and am good at resting. But if asked to work, I will."

He has spent three years at an institution supporting the market rather than making systems as a bureaucrat throughout his life. He said, "The Korea Exchange has the burden of providing services satisfactory to stock market investors, but compared to when I was at the financial authorities, the burden is less." He added, "Really big issues must be resolved at the government level. For example, the short-selling issue has become a political matter, so the FSC alone cannot decide; it requires government-wide decision-making."