FKI to appoint Poongsan Chairman as new leader

Industry

Published: 07 Aug. 2023, 16:16 Updated: 08 Aug. 2023, 09:13

FKI to appoint Poongsan Chairman as new leader

Ryu Jin [FEDERATION OF KOREAN INDUSTRIES]

The Federation of Korean Industries (FKI) plans to appoint Poongsan Group Chairman Ryu Jin as its new head at a board meeting scheduled for Aug. 22.

“[Ryu Jin] is the right person to show leadership in transforming the FKI into a global think tank and a global business association as he excels in global experience, knowledge and [building] networks,” FKI said in a press release Monday.

The FKI is currently attempting to reform as it wants to become a research-focused organization and move away from the corrupted lobbying image it has been associated with in the past.

It is also going to change its name back to its original name when it was founded in 1961, but its English name will remain the same, according to the FKI spokesperson on Monday.

Ryu has been serving as the association’s vice chairman since 2001.

Ryu, 65, is considered a prominent figure in Korean business circles, having served as vice chairman of the Korea-Japan Economic Association, Seoul Forum for International Affairs and Korea Mecenat Association among others. Ryu is also known to have built global networks, especially in the United States, through his father-in-law who is former Prime Minister Lho Shin-yong.

Ryu was awarded the renowned James A. Van Fleet Award by the Korea Society last year which recognizes those who have contributed to the relationship between Korea and the United States.

The FKI plans to establish an ethical management committee within the organization and absorb its own research firm, the Korea Economic Research Institute, under the rebranding effort, with both changes being voted on at the upcoming board meeting.

FKI’s reform efforts derive from the corruption scandal back in the Park Geun-hye administration which led its prestigious reputation to falter. It resulted in its major member companies — Samsung, SK, LG and Hyundai Motor — dropping out of the association.

“The FKI has not been able to pay enough attention to the market and community, focusing solely on its relationship with the government, and falling behind the flow of the era,” Kim Byong-joon, its acting chairman whose term terminates at the end of this month, had said early this year.

If Ryu's appointment gets approved, his tenure will last for two years.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]