The state-led National Pension Service (NPS) has begun its search for a new CEO, as former chief Kim Tae-hyun‘s term ended in August, industry officials said Thursday.
With the nation still divided over pension reform debates, the next appointee is expected to bring both policy insight and fund management expertise to the role.
The NPS issued a public notice Wednesday to recruit its next CEO, accepting applications until Nov. 5. The three-year position oversees the fund’s full operations, including the management of over 1,300 trillion won ($903 billion) in assets, subscriber services, contribution collection and pension payments.
The NPS outlined key qualifications for the role — demonstrated leadership and strategic vision as a chief executive, comprehensive expertise in national pension and social welfare issues, strong organizational and management capabilities and a high standard of ethics.
A selection committee will shortlist three to five candidates through an open recruitment process and recommend them to the minister of health and welfare. The ministry, which oversees the NPS, will then nominate one final candidate for appointment by the president.
Potential candidates from the government, financial and academic sectors are already being discussed.
Potential candidates for the next National Pension Service CEO are, from left, former First Vice Minister of Health and Welfare Yang Seong-il, Toss Insight CEO Sohn Byung-doo, former Financial Services Commission Chairman Koh Seung-beom and former Democratic Party of Korea lawmaker Hong Sung-kook. Korea Times file
One prominent name is Yang Seong-il, former first vice minister of health and welfare under the Moon Jae-in administration. He is known for his deep understanding of the pension system, having previously held several senior roles within the ministry.
Other figures with a bureaucratic background are also being considered.
Sohn Byung-doo, CEO of Toss Insight and former chairman of the Korea Exchange under Moon, is recognized for his broad knowledge of both policy and financial markets. Koh Seung-beom, an expert in financial policy, previously served as chairman of the Financial Services Commission and was a member of the Bank of Korea’s monetary policy board.
From the capital markets sector, Hong Sung-kook, a former lawmaker of the Democratic Party of Korea, brings over 30 years of experience in the securities industry.
Ryu Young-jae, CEO of environmental, social and governance (ESG) investment advisory firm Sustinvest, is also the strong contender. As the founding chairman of the Korea Corporate Governance Forum, he has consistently emphasized the role of NPS in responsible investment and corporate governance.
In academia, Kim Yeon-myung, a social welfare professor at Chung-Ang University and a well-known pension expert, is being mentioned as a potential candidate. Kim previously served as co-chair of the civilian advisory committee of the special committee on pension reform.
The incoming CEO will face a host of challenges. As pension reform debates intensify in the National Assembly, the ability to coordinate effectively with both the government and legislature, while also building public consensus, will be of critical importance.