Lee Kun-hee Appointed as the FKI’s Chairman

Chairman of Samsung Group Lee Kun-hee has officially been announced as the next chairman of the Federation of Korean Industries (FKI), the term of which will start from the end of February. Lee, however, has yet to clarify his stance on whether or not he would accept the presidency, so the position is still up for grabs.

The board of standing directors of the FKI held a meeting on January 13 at FKI Hall in Yeouido, Seoul, and decided to appoint Lee as the chairman for the next term, succeeding incumbent Kang Shin-ho.

“The FKI led by Lee, the head of the leading Korea’s global enterprise Samsung, will enhance the status and increase the say of the domestic corporate sector,” said a high-ranking official with FKI, continuing, “Although Lee has not unveiled his position on whether he would accept the presidency, he is likely to agree to the business elders’ appointment.”

If Lee accepts the presidency in the next term, he will take over the two-year tenure after being elected in the FKI’s regular general meeting slated to be held on February 23.

After former Chairman of Daewoo Group Kim Woo-jung stepped down in 1999, the position of the FKI’s chairman was orderly handed over to the Chairman of Kyung Bang Group Kim Kak-jung and SK Group’s Chairman Son Kil-seung, which was then given to the incumbent Chairman Kang with former Chairman Son stepping down before his completion of tenure.

Meanwhile, an official with Samsung said, “Chairman Lee will soon disclose his official position, but he has no change in his thoughts of concentrating in the group’s management instead of taking a public office.”

If Lee eventually declines the offer, looking for another candidate for the next FKI chairman is expected to be difficult.

Joong-Hyun Park sanjuck@donga.com