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| Union members at the Korea Securities Depository protest a parachute appointment at its Seoul office, Wednesday. Yonhap |
By Lee Min-hyung
The Korea Securities Depository (KSD) is drawing controversy for "parachuting in" an outside figure who worked as a think tank member of President Yoon Suk Yeol's election camp.
According to the KSD's executive recommendation committee, Lee Soon-ho ― a researcher at the Korea institute of Finance ― has been nominated as the sole candidate for the KSD's next presidency. The committee plans to officially recommend him for the post during its shareholders' meeting slated for Feb. 28.
Earlier, the committee shortlisted three candidates ― including Lee, KSD Executive Director Park Cheol-young and former Heungkuk Asset Management chief Do Byung-won ― for the position. Lee received a doctorate of economics at the University of Illinois and has served as a researcher at the organization since 2006.
But the decision triggered public ire as he is not a figure from inside the organization. Last year, Lee joined the think tank and teamed up with Financial Services Commission (FSC) Vice Chairman Kim So-young.
The workers' union of the KSD stepped up criticism of the latest decision, saying that this is an apparent parachute appointment in favor of the incumbent administration.
"Lee is a research expert on the Banking Act, but does not have experience in the KSD, nor has he held any supervisory or administrative roles," the KSD union said. "It is not proper for him to lead the KSD and its 1,000 employees while lacking such experience."
Once Lee's nomination is approved by the FSC, he will be able to take office as the new leader of the organization with a three-year tenure.
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