The board of directors finally voted down the agenda item to appoint former National Agricultural Cooperative Federation Vice President Yu Chan-hyeong as the next president of Nongmin Ilbo. Since Yu is considered a closest aide to National Agricultural Cooperative Federation President Kang Ho-dong, there had been controversy from the moment he became a candidate for the next president of Nongmin Ilbo. With the rejection of the appointment plan, some say this puts the brakes on "parachute appointments within NongHyup."
According to ChosunBiz reporting compiled on the 28th, the board of directors of Nongmin Ilbo put on the agenda the appointment of Yu as CEO and president the previous morning. The motion was voted down as many votes against were cast.
After graduating from Chungnam National University, Yu joined NongHyup in 1988 and served as head of the South Chungcheong regional headquarters, head of the planning and coordination division, and CEO of NongHyup Asset Management. In the Jan. 2024 National Agricultural Cooperative Federation presidential election, Yu handled tasks such as submitting Kang's candidate registration on Kang's behalf and oversaw the campaign, and is thus considered a closest aide to Kang.
For that reason, when Yu was named a candidate for the next president of Nongmin Ilbo in March, criticism emerged in many quarters that this was a "parachute appointment." In March, when Nongmin Ilbo newly selected executives and others, it amended its articles to require going through the Nominating Committee, but just one day after the committee was launched, it selected Yu as the final candidate for president.
A few days later, on Mar. 18, the board meeting of Nongmin Ilbo was scheduled to take up the agenda item to appoint Yu. However, due to opposition from board members at the time, it did not make it onto the formal agenda and no vote was held. A NongHyup official said, "There were many opinions within the board that it was inappropriate in itself to place on the board agenda the appointment plan for Yu, which had procedural problems."
With Yu's appointment plan voted down, some say the practice of parachute appointments has been checked. Within NongHyup, the assessment is that "the will of the National Agricultural Cooperative Federation, conscious of criticism, was reflected in the outcome." The National Agricultural Cooperative Federation recently accepted direct elections by union members and pledged sweeping reforms, including bolstering internal audit functions and strengthening internal controls.