Sovereign wealth fund KIC shortlists three CEO candidates

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Sovereign wealth fund KIC shortlists three CEO candidates - Korea Economic Daily

Quick Summary:

South Korean sovereign wealth fund Korea Investment Corporation (KIC) has shortlisted three candidates for the next chief executive officer, who will be officially appointed in September.KIC, which manages $189.4 billion as of the end of 2023, is conducting the final round of interviews to select a successor to the current CEO Jin Seoungho, according to banking industry sources.

Among the three candidates are Park Il Young, the World Bank Group executive director for Asia and the Pacific constituency, and Yang Seok Jun, former director general for reserves management at the Bank of Korea (BOK).

Banking industry insiders said Park is likely to be appointed as the five CEOs of KIC since 2013 – Ahn Hong-chul, Eun Sung-soo, Choi Heenam and Jin – were ex-executives at the finance ministry, which has a 100% equity in the state-run fund.