Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle.

“The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at the Government Complex in Seoul. 

He declined to give a specific timeframe for his resignation, merely saying that the resignation will take effect “soon.”

Choi took the post in July 2017, after serving as a deputy minister for international affairs at the Finance Ministry in 2011. Overall, he has built a career at the Finance Ministry for nearly three decades.

On the remaining term, Choi noted that all his predecessors left the post before their three-year term as the chief financial regulator ended.

Choi has been rumored as a strong candidate for the general elections slated for next year, which he has repeatedly denied. He simply responded “yes,” to questions asking whether he hasn’t changed his mind about being a candidate in next year’s election.

Thursday’s surprise announcement came during an FSC briefing on Japan’s latest export curbs of key materials needed in South Korea’s hi-tech industry.

By Jung Min-kyung (mkjung@heraldcorp.com)