National Pension Service (NPS), South Korea’s largest institutional investor that manages 580 trillion won ($514 billion) assets, is publicly recruiting candidates for its chief executive position vacant since the former head was arrested in December for succumbing to political influence to approve a Samsung Group merger.
According to NPS and Ministry of Health and Welfare on Thursday, the pension operator will convene a temporary meeting of board of directors on August 10 to form a committee to receive candidates for screening process.
Former chief Moon Hyung-pyo stepped down on charges of illicit power abuse. Moon was sentenced to 30 months in prison earlier this year for wielding his power to make the NPS that holds a sizeable stake in Samsung C&T to vote in favor of its merger with Cheil Industries despite questions about the damage to its shareholders.
The pension fund operator has run under interim leadership since then.
Under the legal procedure, the pension fund operator’s special committee will receive applications and shortlist candidates for recommendation to the health and welfare minister. The minister will pick the final candidate and seek final approval from the president.
It usually takes a month or longer to complete the appointment process. New chief could report to work at the end of August at the earliest.
NPS CEO’s tenure is three years and can be extended on yearly basis depending on performance.
By Na Hyun-joon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]