As Kwon Dae-Young Moves to Economy Ministry, FSC Senior Appointments Accelerate... Up to Five Top Posts Could Open

Shin Jinchang and Other First-Grade Officials Eyed for Vice Chairman Role; External Appointment a Possible Variable
Attention on the Future Posts of Lee Hyungjoo, Ahn Changguk, and Park Minwoo
Senior Appointments May Extend to Korea Securities F

Kwon Dae-young, Vice Chairman of the Financial Services Commission, is set to move to the position of First Vice Minister at the Ministry of Economy and Finance, accelerating the timeline for senior-level appointments at the Financial Services Commission. As the selection process for the next vice chairman begins and the possibility of current Grade-1 officials moving to external roles arises, there are growing expectations that the previously stalled personnel reshuffle at the Financial Services Commission will be resolved. There are even projections that up to five senior executive positions could open up if internal promotions are made for the vice chairman and other Grade-1 officials are transferred, particularly if the organizational reshuffling continues into the first half of next year.

Yonhap News Agency

According to financial authorities on October 2, Kwon was appointed First Vice Minister at the Ministry of Economy and Finance the previous day, and the selection of his successor as vice chairman is expected to follow. The key point is whether the presidential office will opt for an internal promotion from within the Financial Services Commission or bring in an external candidate for the role of vice chairman.

Both options are being discussed within financial circles. Among external candidates, Kang Kyunghoon, a professor at Dongguk University, is consistently mentioned. There are several precedents for appointing external figures as vice chairman, such as former Bank of Korea Governor Lee Chang-yong and former vice chairmen Jeong Chan-woo and Kim So-young.

If the decision leans toward an internal promotion, the current Grade-1 officials are considered the pool of candidates. These include Shin Jin-chang, Secretary General (40th Civil Service Exam), Ahn Chang-guk, Standing Commissioner of the Financial Services Commission (41st exam), Park Minwoo, Standing Commissioner of the Securities and Futures Commission (40th exam), and Lee Hyung-joo, Head of the Financial Intelligence Unit (39th exam). Among them, Secretary General Shin is being strongly considered as the likely candidate for vice chairman.

If Shin is promoted to vice chairman, the Grade-1 Secretary General position will immediately become vacant, opening the door for subsequent appointments. Attention is also focused on the future of the other Grade-1 officials. Lee is a contender for the next CEO of Sh Suhyup Bank, while Park has already been nominated as the next CEO of Korea Money Brokerage Corporation. The position of Senior Deputy Governor of the Financial Supervisory Service will also be open as the current term ends in December. Under the current selection landscape, Ahn is being mentioned as a candidate for this position.

If these personnel changes become a reality, all four current Grade-1 officials at the Financial Services Commission would move to different roles. This is fueling speculation that the entire senior leadership structure at the Financial Services Commission could be reshuffled, starting with the selection of the next vice chairman.

There is also a possibility that another round of appointments for Grade-1 positions could take place during the first half of next year. This is because, as Kim Jeongkak's term as President of Korea Securities Finance expires in June next year, another potential position may open up for a Grade-1 official from the Financial Services Commission to move into. If the internal promotion for vice chairman, the transfer of current Grade-1 officials to external roles, and the personnel changes at Korea Securities Finance occur together, projections suggest that up to five senior-level appointments could be made by the first half of next year.

However, the actual scope of changes remains fluid. There is still a possibility the vice chairman could be an external appointee, and the external transfers of current Grade-1 officials must also undergo the final selection process and required procedures.

With the increased likelihood of a chain reaction in the movement of senior officials, attention is shifting to the next round of promotions. Internally, candidates mentioned for Grade-1 promotion include Kim Jinhong, Director General of the Financial Industry Bureau (40th civil service exam); Jeon Yoseop, Director General of the Financial Policy Bureau (41st exam); and Kim Donghwan, Director General of the Financial Consumer Bureau (42nd exam). In particular, if a current Grade-1 official is promoted to vice chairman, Jeon is considered a strong candidate for the subsequent Secretary General position. Once the Grade-1 reshuffle begins in earnest, appointments are expected to follow in the director-level and assistant director-level positions as well.

This round of personnel changes is also seen as an opportunity to reinforce the presence of Financial Services Commission alumni in the economic policy decision-making line. Kim Yongbeom, former policy chief, also moved from vice chairman of the Financial Services Commission to First Vice Minister at the Ministry of Economy and Finance and subsequently served as the first policy chief under the Lee Jaemyung administration. This demonstrates a renewed trend of vice chairmen of the Financial Services Commission moving into key economic policy-making positions.

An official from the Financial Services Commission stated, "Although there is a possibility that an external candidate could be selected, there is an atmosphere internally hoping for the vice chairman to be promoted from within. If a series of senior-level personnel changes occurs, it could ease the long-standing bottleneck, allowing subsequent appointments to proceed all the way down to the assistant director level."

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