Jun Kwang-woo stepped down from the National Pension Service as chairman and CEO on Thursday.

He said in a farewell speech at the service that he had tried to bolster public trust in the service and its investment capabilities, among others, while he was in office.

“Thanks to our all-out efforts to build people’s confidence in us, the number of pension subscribers topped 20 million for the first time last year,” he said. 

A well-diversified investment portfolio helped the pension fund surge from 270 trillion won ($180 billion) when he took over to currently more than 400 trillion won, he added.

As the new government seeks to expand welfare, a thorough sense of service and mission is required from all executives and employees to keep up public trust, he said.

Jun tendered his resignation on Feb. 21. When he offered to step down, he said: “When time comes, one should finish up one’s role and duties well. And I will help the new government get off to a successful start.”

He took office in December 2009, and was set to continue to work until Dec. 1 this year, after his contract renewal late last year, but offered to resign four days before Park was inaugurated as president on Feb. 25.

The board of directors of the pension service will soon form a CEO recommendation committee to receive and screen applications for the top post.

By Chun Sung-woo (swchun@heraldcorp.com)