KIC names new chief executive
Korea Investment Corporation (KIC), South Korea's sovereign wealth fund, has officially appointed Park Il Young as its new chief executive officer and chairman of the board of directors.
The announcement comes after a rigorous selection process, marking a significant leadership transition for the organisation that managed $189.4 billion in assets as of the end of 2023.
KIC
Park, who begins his three-year term on September 26, was most recently the executive director for Asia and the Pacific Constituency at the World Bank, a position he held since November 2022.
He has also previously worked in senior positions at South Korea's Ministry of Economy and Finance, where he was Deputy Minister for International Affairs and Director General for various key departments.
The CEO appointment follows the end of Jin Seoungho's tenure, whose term was extended beyond its original May 17 conclusion due to delays in the search process.
Park's selection aligns with KIC's historical preference for leadership with strong ties to the finance ministry, which maintains 100% equity in the state-run fund, according to local publication Korea Economic Daily (KED).
The selection process involved a CEO recommendation committee, which shortlisted three candidates before making their final decision, KED noted.
Among the contenders was Yang Seok Jun, former director general for reserves management at the Bank of Korea, highlighting the high-caliber pool of candidates considered for the position, according to a KED report.
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