Vice president of accountants' organization to head FSS

Lee Byung-rhae, former CEO of the Korea Securities Depository, delivers a speech during the opening ceremony of Busan Securities Museum in the southern port city of Busan on Dec. 4, 2019. Yonhap

By Lee Min-hyung

Lee Byung-rhae, vice president of the Korea Institute of Certified Public Accountants (KICPA), will lead the Financial Supervisory Service (FSS) as the first governor of the watchdog under President Yoon Suk-yeol's new administration.

Lee is a financial expert who has led major government organizations such as the Korea Financial Intelligence Unit and the Korea Securities Depository before taking on the role as the standing vice president of the KICPA back in 2020.

He is best known for his communication skills with a balanced mindset in mapping out financial policies. Lee has a broad range of experience at key divisions of financial authorities, including securities, international finance and economic policy, which made many critics speak highly of him as one of the most qualified figures for the top position at the financial watchdog.

He will replace outgoing Governor Jeong Eun-bo soon, but no specific timeline for the reshuffle has been confirmed.

Lee, 59, graduated from Daejeon High School and studied international trade at Seoul National University. He also received a master's degree in economics from the Graduate School of Public Administration at Seoul National University. He later achieved a doctorate in economics at Missouri State University.

While working at the former Financial Supervisory Commission, which became the Financial Services Commission (FSC), he took on multiple roles at different divisions there, including insurance, financial policy and the spokesman's office.

The new administration is also set to announce the new leader of the FSC. Kim Joo-hyun, chairman of the Credit Finance Association of Korea, is expected to replace incumbent Chairman Koh Seung-beom in the upcoming reshuffle of top management of financial watchdogs.

Kim's previous positions include the presidency of the Korea Deposit Insurance Corporation. After serving three years, he became CEO of Woori Financial Group's think tank, Woori Finance Research Institute.

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