Attorney Kim Sung-sik (photo), a classmate (18th class) of President Lee Jae-myung at the Judicial Research and Training Institute, has been named as the next head of the Korea Deposit Insurance Corporation (KDIC).
KDIC is a public institution that protects depositors and maintains the stability of the financial system by guaranteeing the payment of deposits when a financial company is unable to pay deposits due to bankruptcy, among other reasons. The KDIC chief's annual salary came to about 320 million won as of last year.
Lee Eog-weon, chair of the Financial Services Commission (FSC), said on the 30th that he had recommended appointing attorney Kim Sung-sik of law firm One as the new KDIC chief. The appointment process for the KDIC chief proceeds in the order of recommendation by the KDIC executive recommendation committee, nomination by the FSC chair, and appointment by the president.
The Financial Services Commission (FSC) said of the nominee, "With more than 30 years of service as a judge and attorney, Kim has accumulated diverse legal experience, including advisory work and litigation related to financial companies," and added, "Through extensive practice and expertise grounded in law across designation of insolvent financial institutions, bankruptcy procedures, and the broader financial industry, Kim is deemed the right person to strengthen the legal stability of the deposit insurance system—KDIC's core mandate—and to enhance the soundness of the fund."
Kim, the nominee, is an expert in fair trade and a classmate of President Lee at the Judicial Research and Training Institute. Kim was reported to have served on the defense team in trials related to abuse of authority charges when Lee was Gyeonggi governor. After graduating from Seoul National University's law school in 1988 and serving as a judge, Kim has practiced as an attorney since 1999.
As of last year, the KDIC chief's annual salary amounted to about 323.28 million won, including a base salary of 230.18 million won and a bonus of 93.1 million won.
The KDIC labor union recently held a press conference, saying, "We are one pillar of the financial safety net that protects the valuable assets of 50 million people—including depositors, insurance policyholders, and financial investors—and the last line of defense," and added, "The chief must possess essential qualities such as top-tier expertise, integrity, and a commitment to ethical management." The union is also considering a job action to block the appointment of parachute personnel.
Meanwhile, Kim Eun-kyung, a professor at the Korea University of Foreign Studies law school, has been recommended for appointment as the new head of the Korea INclusive Finance Agency (KINFA) and chair of the Credit Counseling and Recovery Service. Born in 1965, the nominee Kim has served as a professor for 20 years and headed the Financial Supervisory Service's Consumer Protection Bureau from 2020 to 2023. Kim also served on the Presidential Committee on Policy Planning under the Lee Jae-myung administration.