Lee Eok-won, the nominee for the chairman of the Financial Services Commission, has resigned from his position as a director of LF.

The candidate for Financial Services Commission Chair Lee Eok-won is arriving for his first day at the office prepared for the personnel hearing held at the Deposits Insurance Corporation in Jung-gu, Seoul, on the 14th. /Courtesy of Yonhap News

LF disclosed on the 18th that Lee Eok-won, the nominee for the chairman of the Financial Services Commission, resigned from his role as a director on the 14th. He was appointed as a director of LF in March 2023 and worked for about 2 years and 4 months.

The nominee submitted a resignation letter, stating that he is resigning for personal reasons. It appears he has stepped down as preparations for the National Assembly confirmation hearing began. Previously, the nominee also resigned from his position as a director of CJ Logistics.

LF also announced that it has decided to acquire 160,000 shares of its own stock worth 3 billion won. This stock acquisition is aimed at stabilizing the stock price and enhancing shareholder value. LF stated last year that it plans to repurchase its own stock within the range of 15 billion won annually for the next three years.

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