The National Pension Service (NPS) has started its hunt for a successor to Chairman Kim Tae-hyun, whose three-year term ended in August.
The South Korean pension scheme aims to appoint a new chief by mid-November, according to pension industry sources on Tuesday, ahead of Chief Investment Officer Seo Won-joo‘s term expiration at the end of this year.
The application deadline is 6 p.m. Korean local time on Nov. 5.
The NPS chair serves a three-year term and oversees the fund’s major operations, including pension contribution and benefit payments, fund management and welfare services for subscribers.
The incoming chairman is expected to play a central role in implementing reform initiative aligned with the government’s push to overhaul the national pension system.
The reform is aimed at delaying the depletion of the 1,300-trillion-won ($903 billion) fund amid a rapidly aging population.
The selection process for its new chairman consists of two stages.
The first round will evaluate applicants’ expertise, suitability for the role and proposed vision for the organization.
In the second, candidates will undergo interviews assessing their leadership abilities, understanding of the pension system and ethical standards.
The final nominee will be endorsed by Minister of Health and Welfare Jeong Eun-kyeong and formally appointed by President Lee Jae Myung.
Among those reportedly under consideration are Yang Sung-il, former first vice minister of health and welfare; Kim Yeon-myung, professor of social welfare at Chung-Ang University; Sohn Byung-doo, former chairman of the Korea Exchange; and Koh Seung-beom, former chair of the Financial Services Commission.
By Gyeong-Jin Min
min@hankyung.com
Yeonhee Kim edited this article.
