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KIC head to move to Korea Export-Import Bank as CEO

Sep 07, 2017 (Gmt+09:00)

Sung-soo Eun will take charge as Korea Eximbank's CEO upon approval by President Moon.

Sung-soo Eun, the chief executive of Korea Investment Corporation (KIC), was nominated as head of the Export-Import Bank of Korea, about one and a half years before the end of his three-year term at the sovereign wealth fund.

South Korea’s Finance Minister Dong-yeon Kim recommended Eun, a career bureaucrat, as the new CEO of Korea Eximbank to President Moon Jae-in on Sept. 7. He needs President Moon’s approval to take charge at the state-run bank.

Eun was installed as KIC’s CEO in January 2016.

To choose his successor, KIC needs to form a six-member CEO recommendation committee, composed of four civil members belonging to the KIC’s steering committee and two people recommended by Finance Minister Kim and Bank of Korea governor respectively.

They will select six candidates after examining applications and then shortlist three of them for interview.

The committee will choose final candidates and recommend to Finance Minister Kim, who will pick one of them and nominate to President Moon.

Given the procedures, KIC’s new CEO might be announced around the end of this year.

With $122.3 billion in assets at end-June, KIC has been led mostly by former government officials who handled international finance at the finance ministry, since inception in 2005.

Candidates for KIC’s CEO include former head of the Public Procurement Service and economic bureaucrat, Sung-jin Kim. He joined President Moon’s camp during his election campaign, after serving as senior official of the finance ministry’ international finance and international affairs, as well as overseas economic cooperation.

Heenam Choi, a member of the International Monetary Fund’s (IMF) executive board, is also mentioned for the KIC’s post. Before taking on the two-year job at the IMF in November 2016, Choi served as executive director of the World Bank and deputy minister for the finance ministry’s international affairs, as well as director general of the international finance.

By Chang Jae Yoo

Yeonhee Kim edited this article

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