KIC appoints career bureaucrat as new CEO

Jin Seoungho, an ex-senior finance ministry official in South Korea, will take office as Korea Investment Corporation's (KIC) new chief executive on Tuesday.

Finance Minister Hong Nam-ki tapped Jin among the three final candidates and with Hong's recommendation, President Moon Jae-in appointed him as the sovereign wealth fund's new CEO, according to government sources last week.

Jin is succeeding Choi Heenam, whose three-year term ends on May 17. 

The new CEO entered the bureaucratic arena after passing the state's highest civil service exam in 1989 following his studies. He spent most of his public career at the finance ministry that owns 100% of KIC. From 2019 until this appointment, Jin led the Presidential Committee on Balanced National Development.

At the finance ministry, he worked at the tax and customs office and headed the international financial cooperation bureau and the international economic affairs bureau.

Jin studied economics at Seoul National University and holds a doctorate in economics from Manchester University.