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A former CEO of LIG Insurance is expected to become the new head of the General Insurance Association of Korea, according to industry sources Thursday.
The sources said that one of the two candidates selected by the nomination committee ― Kim Woo-Jin, former vice chairman of LIG Insurance ― stepped down, leaving only Jang Nam-sik, former chief executive of LIG Insurance in the race.
Jang holds a bachelor’s degree in social science from Seoul National University. He has worked for LIG Insurance for around 24 years, and currently serves as an adviser to the company.
The sources said that one of the two candidates selected by the nomination committee ― Kim Woo-Jin, former vice chairman of LIG Insurance ― stepped down, leaving only Jang Nam-sik, former chief executive of LIG Insurance in the race.
Jang holds a bachelor’s degree in social science from Seoul National University. He has worked for LIG Insurance for around 24 years, and currently serves as an adviser to the company.
Should he become appointed, Kim will become the third chairman to come from the private sector in a move that may help ease lingering concerns about the association accepting so-called “parachute” executives backed by the government.
“As an industry expert and head of a member company, Kim is well aware of how to bring about mutual benefits for the association and the members,” said one industry watcher on the condition of anonymity. “However, he may lack skills in dealing with government officials.”
The leadership of the insurance association has been vacant since the former chairman Moon Jae-woo stepped down in August 2013.
By Shin Ji-hye (shinjh@heraldcorp.com)
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