Korea’s major business lobby group to name new chairman next month

Korea’s major business lobby group, FKI, names a new chairman next month [Photo by Lee Seung-hwan]

The Federation of Korean Industries, South Korea’s major business lobby group, plans to appoint a new chairman next month after Chairman Huh Chang Soo and Vice Chairman Kwon Tae Shin recently tendered their resignations.

Successors have yet to be named. Leadership at FKI proposed the position to Lotte Group Chairman Shin Dong-Bin and Hanwha Group Chairman Kim Seung Youn, who both serve as vice chairmen of the group and lead one of the nation’s tenth largest conglomerates. But they have declined the offer, according to sources.

Huh served as FKI’s chairman for six two-year terms in a row since 2011 and his last term ends next month.

Among possible candidates are the industry’s senior member Sohn Kyung-shik, chairman of the Korea Enterprises Federation (KEF), chairman of Samyang Holdings Corp. Kim Yoon and honorary chairman of Kolon Group Lee Woong-yeol.

After excluding those who were involved in a scandal and considering age, the few possible candidates include Chairman Kim Yoon and Honorary Chairman Lee. Kim is recognized for his leadership as head of K-ESG Alliance, an organization dedicated to environmental, social and governance issues within the FKI, in expanding FKI’s functions. Lee, on the other hand, is expected to lead the group’s reform as head of FKI’s innovation committee to be launched early next month.

Doosan Group Chairman Park Jeongwon is also mentioned as a candidate for the next FKI chairman. But it is not even a year since the company came out of a restructuring led by creditors.

Chairman Sohn of KEF is also seen as a candidate. If Sohn becomes the FKI chairman, merging South Korea’s largest two economic groups can be put on the table as he has been an advocate for the integration. Sohn has served three terms as KEF chairman since 2018 and his current term ends in February next year. When asked if he would accept a nomination for the FKI chairman, Sohn replied that he would “think about it.”