Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
NongHyup elects Lee as new chairman
Lee Sung-hee gestures after being elected as the new chairman of the National Agricultural Cooperative Federation (NACF) during an election at the NACF headquarters in Jung-gu, Seoul, Jan. 31. Yonhap
By Nam Hyun-woo
By Nam Hyun-woo
The National Agricultural Cooperative Federation (NACF), or NongHyup, has elected Lee Sung-hee as its new chairman to lead the country's largest agricultural federation.
Lee, 71, beat Yu Nam-young by 61 votes Jan. 31 during final voting to replace Kim Byeong-won, who left the post Dec. 16 to run in the general election in April.
An NACF chairman is described as the “president” of the Korean agricultural industry, leading the federation with 2.3 million members, assets worth 400 trillion won ($343 billion) and 8,800 employees. Members elect the chairman indirectly.
Lee is the former head of a Nonghyup chapter in Seongnam, Gyeonggi Province, and spent nearly 50 years at the NACF, serving as the head of NACF audit committee from 2008 to 2015. Lee was one of two final candidates in the previous election four years ago, but was beaten by Kim.
During his election campaign, Lee pledged to introduce salary, incentive and severance pay systems for farmers and improve the governance structure of NongHyup Financial Group and other NACF subsidiaries.
He also promised to overhaul the chairman election system to have members cast ballots directly in order to cope with criticism over the transparency of the election.
“I will do my utmost to keep my pledges and accept some of other candidates' pledges as well to lead the NACF to stay with farmers,” Lee said in his winning speech.
NACF chairman is a non-standing post and described as “an honorary post” in the federation's articles of association. However, a chairman has authorities on appointing the CEOs of NACF affiliates and subsidiaries and auditing those units, allowing him or her to exercise influence in the country's agricultural and financial industries.
The NACF will hold Lee's appointing ceremony today when he will begin his four-year term.