Korea Investment Corp Head Resigns

The top official at Korea’s sovereign wealth fund handed in his resignation on November 6, 2015. Ahn Hong-chul, chairman and CEO of the Korea Investment Corporation (KIC), tendered his resignation and it was accepted by South Korean President Park Geun-hye. Korea’s Finance Ministry told the media that a steering committee of 8 individuals will be formed to select a head to manage the KIC. South Korea’s President will make the appointment, following an endorsement from Korea’s Finance Minister. Young Kim, KIC’s chief operating officer, will serve as interim chairman until there is a replacement.

Korea’s Finance Ministry told the press, “he unexpectedly tendered his resignation in the morning, citing personal reasons for his decision to step down.”

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