Lee Dong-geol, chairman of the Korea Development Bank, will step down from his post ahead of the inauguration of the new government.
According to the financial industry on the 28th, Chairman Lee expressed his resignation to the Financial Services Commission on the 26th.
The president of KDB is appointed and dismissed by the president at the recommendation of the chairman of the Financial Services Commission.
His term of office remains until September next year, but it is interpreted that the Presidential Transition Committee decided to resign while reviewing the appointment of the heads of public institutions ahead of the launch of the new government.
An official from the financial industry said, “I know that Chairman Lee has been talking to people around him that he will not be involved in his usual position.”
Chairman Lee is recognized as a representative close friend and has been selected as the head of a public institution with a strong potential for replacement under the new government.
He served as an administrator of the Blue House during the Kim Dae-jung administration, as a vice-chairman of the Financial Supervisory Commission during the Roh Moo-hyun administration, as the president of the Korea Financial Research Institute, and as a visiting professor at Dongguk University Business School.
With the inauguration of the Moon Jae-in government in 2017, he served as chairman of the Korea Development Bank, and was re-elected once.
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