Growth Finance CEO Appointment Set to Resume After KDB Personnel Changes... Police Mutual Aid Association Also Nears CIO Recruitment

Growth Finance, Executive Recommendation Committee to Launch Soon
Police Mutual Aid Association Preparing for CIO Recruitment
Industry Anticipates Resolution of Staffing Vacancies

The appointment process for major policy financial institutions and mutual aid associations, which had been at a standstill, has started to move forward again. With the executive appointments at Korea Development Bank now in full swing, there is speculation that the selection of the next CEO of Korea Growth Investment Corporation (Growth Finance) is imminent. The Police Mutual Aid Association, which has long suffered from a vacancy in its chief investment officer position, is also expected to soon signal the start of its own executive search.

Growth Finance Moves to Resume CEO Appointment Following KDB Personnel Changes

According to the financial investment industry on January 14, as Korea Development Bank has recently begun appointing senior executives at the deputy president level and above, the process to appoint the next CEO of Growth Finance is also likely to resume soon.

Currently, the term of office for Heo Seong-moo, CEO of Growth Finance, has expired, but it has been confirmed that the executive recommendation committee for the next CEO has not yet been officially launched. However, the industry is paying close attention to the personnel flow in the policy finance sector, where follow-up appointments at related organizations typically take place after key positions at Korea Development Bank are filled.

An industry official explained, "It appears that Korea Development Bank moved quickly with internal appointments to address urgent issues such as the creation of the National Growth Fund. Based on past cases, where appointments at Growth Finance followed sequentially after the organizational structure at Korea Development Bank was established, there is a high possibility that Growth Finance will soon begin its own appointment process."

Police Mutual Aid Association CIO Appointment to Proceed "As Soon As Possible"

Jaram Building, Police Mutual Aid Association, Mapo-gu, Seoul

The Police Mutual Aid Association, which has had its chief investment officer (CIO) position vacant for more than two years, is also accelerating efforts to normalize its executive appointments. Since October 2023, the prolonged vacancy of the CIO has raised concerns about the continuity of its asset management.

The Police Mutual Aid Association has effectively completed its internal review for the next CIO appointment and plans to officially begin the open recruitment process. An association official stated, "While the specific announcement date has not been determined, we are preparing the procedures under the policy of proceeding with the appointment as soon as possible." Once the appointment is made, it is expected to accelerate the normalization of the association's management, a process that has been underway since Chairman Lee Young-sang took office.

Industry: "Expertise and Drive Are Key"

The industry is watching whether these appointments will go beyond simply filling vacancies and will select individuals capable of ensuring operational expertise amid rapidly changing market conditions. In particular, for Growth Finance, which must balance its identity as a private asset management company and its role as a bridge for policy finance, there is considerable interest in the background of the next leader.

A financial investment industry official emphasized, "At this critical time, when it is necessary to enhance the efficiency of policy fund execution, someone with a deep understanding of the industry and strong drive must be appointed. Leadership that can align with government policy directions and harness market dynamism is essential."