The board of directors ultimately rejected the agenda item to appoint former National Agricultural Cooperative Federation Vice President Yu Chan-hyeong as the next president of the Nongmin Shinmun. Because Yu is considered a closest aide to National Agricultural Cooperative Federation President Kang Ho-dong, controversy has followed since he became a candidate for the next president of the Nongmin Shinmun. With the rejection of the appointment plan, some say this puts the brakes on the practice of parachute appointments within NongHyup.
According to ChosunBiz reporting compiled on the 28th, the board of directors of the Nongmin Shinmun put on the agenda the item to appoint Yu as representative director and president the previous morning. The vote resulted in one in favor, nine against, and two abstentions, and the appointment plan was voted down.
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 Jan. 2024, during the National Agricultural Cooperative Federation presidential election, Yu handled tasks such as submitting Kang's candidacy on Kang's behalf and overseeing the campaign, and is thus regarded as Kang's closest aide.
Because of this, when Yu was shortlisted in Mar. as a candidate for the next president of the Nongmin Shinmun, criticism emerged in various quarters asking whether this was a "parachute appointment." When the Nongmin Shinmun newly selected executives in Mar., it amended its articles to require going through the Nominating Committee process, but just one day after the committee was launched, Yu was named the final candidate for president.
A few days later, on Mar. 18, Yu's appointment item was slated to be placed on the agenda at the board meeting of the Nongmin Shinmun. 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 put Yu's appointment item—which had procedural problems—on the board agenda."
With the rejection of Yu's appointment as president, some say the practice of parachute appointments has been checked. Inside NongHyup, the assessment is that "the outcome reflects the intentions of the National Agricultural Cooperative Federation, mindful of criticism." The National Agricultural Cooperative Federation recently accepted the direct election system by union members and pledged sweeping reforms, including strengthening internal audit functions and internal control systems.