The election process for the Credit Finance Association chief, delayed for about half a year, will soon move into full swing. According to the financial sector on the 5th, the Credit Finance Association, which represents the credit industry, held a board meeting the previous day and approved in writing a plan to form the Chairman Candidate Recommendation Committee (selection committee).
The selection committee was formed with a total of 15 members, including 14 members from member companies—seven from card companies and seven from capital companies—and one auditor. Seong Young-soo, the head of Hana Card, will serve as Chairperson. A notice to elect the next chief will be posted on the 6th, and applications will be accepted through the 19th.
On the 27th of this month, a shortlist (candidate pool) will be set through document screening of applicants, and after interviews on the 4th of next month, if a majority is obtained through an anonymous vote by selection committee members, a sole candidate will be decided. Afterward, if a majority approves the resolution at the general meeting, the appointment of the chief will be finalized.
If the person is from the private sector, the general meeting is expected to be held in June to complete the election, but if the person is a public official, a job review under the Public Service Ethics Act must be completed, so the general meeting is expected to be held around July.
The term of the current chief, Jeong Wan-gyu, expired in Oct. last year, but the election of the next chief was delayed as discussions on a reorganization of the financial authorities and the end of terms for member company heads coincided at the time.