With Shin Jin-chang, the Secretary-General of the Financial Services Commission, being promoted to Vice Chairman, attention is turning to subsequent Grade 1 personnel changes. With the Secretary-General position now vacant and the possibility of existing Grade 1 executives moving externally, there are expectations that this could lead to a chain of promotions at the director-general level. The future roles of director-generals from the 40th to 42nd Civil Service Examinations who hold key positions within the Financial Services Commission are drawing attention.
President Lee Jae-myung appointed Secretary-General Shin as Vice Chairman of the Financial Services Commission on the 16th. Vice Chairman Shin entered public service through the 40th Civil Service Examination, held key positions such as Director-General of the Financial Industry Bureau and Director-General of the Financial Policy Bureau, and was promoted to Secretary-General last year. With this personnel change, the selection process for the next Secretary-General of the Financial Services Commission is also expected to begin in earnest. If an existing Grade 1 executive moves to the Secretary-General position, subsequent personnel changes will be needed to fill the vacancy.
The Grade 1 positions at the Financial Services Commission include four roles: the Secretary-General, a Standing Commissioner of the Financial Services Commission, a Standing Commissioner of the Securities and Futures Commission, and the Director of the Financial Intelligence Unit (FIU). With the Secretary-General position becoming vacant due to Vice Chairman Shin's promotion, attention is focused on the future roles of An Chang-guk, Standing Commissioner of the Financial Services Commission (41st Civil Service Examination), Park Min-woo, Standing Commissioner of the Securities and Futures Commission (40th), and Lee Hyeong-joo, Director of the FIU (39th).
Several external variables are tied to Grade 1 personnel changes. First, Lee Hyeong-ju (Director) has applied for the open recruitment for the President of Shinhankook Bank, competing with current President Shin Hak-gi. Depending on the outcome, if the position of FIU Director also becomes vacant, the scope of Grade 1 personnel changes at the Financial Services Commission could expand. However, the Bank President Recommendation Committee has failed to select a final candidate even after two rounds of meetings.
The selection of the Deputy Governor of the Financial Supervisory Service, which is approaching year-end, is also a variable. The term of current Deputy Governor Lee Se-hoon runs until December 25. There is precedent for high-ranking officials from the Financial Services Commission, such as Deputy Governor Lee, who previously served as Secretary-General of the Financial Services Commission, to move to the position of Deputy Governor of the Financial Supervisory Service, meaning that additional personnel change factors could arise at the Financial Services Commission depending on the outcome of the successor selection.
The selection of the Representative Director of Korea Capital Intermediary also remains. Korea Capital Intermediary is a company that intermediates transactions in funds, foreign exchange, bonds, and derivatives between financial institutional investors, and there is precedent for former officials from the Financial Services Commission, such as former Securities and Futures Commission Standing Commissioner Lee Hyun-cheol, to serve as Representative Director. With the term of Woo Hae-young, Hyeon (CEO), having expired, names of Grade 1 personnel from the Financial Services Commission are being mentioned as potential successors.
As the number of vacant Grade 1 positions increases, momentum is also expected for chain promotions and transfers at the director-general level. Those likely to be included in this are: Kim Jin-hong, Director-General of the Financial Industry Bureau (40th Civil Service Examination); Jeon Yo-seop, Director-General of the Financial Policy Bureau, and Yoo Young-jun, Digital Financial Policy Officer (both 41st); and Kim Gi-han, Structural Improvement Policy Officer, Son Ju-hyung, Planning and Adjustment Officer, Kim Dong-hwan, Director-General of the Financial Consumer Bureau, and Son Yeong-chae, Head of the National Growth Fund Promotion Team (all 42nd).
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