Will Moon take care of fellow alumni?

Hana, Samsung Fire CEOs graduated from same high school as Moon

By Nam Hyun-woo

Kim Jung-tae, Hana Financial Group Chairman

• Published May 11, 2017 4:39 PM KST
• Updated May 11, 2017 4:39 PM KST

Koreans are infamous for valuing networks from their school years, especially for their professional careers. In this sense, a few financial big names may be smiling after the inauguration of President Moon Jae-in this week.

Most notable fellow alumni of Moon in the finance industry include Hana Financial Group Chairman Kim Jung-tae and Samsung Fire & Marine Insurance CEO Ahn Min-soo, who went to the same high school ― Kyungnam High School in Busan ― along with Moon. Kim and Moon graduated from the school in 1971 while Ahn did so five years later.

Hana Financial Group outside director Yoon Sung-bock, former NH Nonghyup Financial Group Chairman Shin Dong-kyu and former BC Card CEO Seo Joon-hee also studied at the school.

Should Moon’s school network expand further, former Financial Services Commission Chairman Kim Seok-dong and Standard Chartered Bank Korea President Park Jong-bok would be on the radar.

Kim graduated from Gyeongnam Middle School in Busan years later than did Moon. Kim is on the lips of observers as a candidate for key government jobs because of his credits in corporate restructuring while serving as the chief financial regulator from 2011 to 2013.

Park is one of Moon’s fellow Kyung Hee University alumni. Others include Hanwha Life Insurance Vice President Yoon Byung-chul and Seoul Guarantee Insurance Executive Director Kim Sang-taek.

Some expect that Moon’s presence will improve future job opportunities of the aforementioned figures. In the previous administrations, fellow alumni of presidents tended to work at crucial public or private posts.

However, others say that Moon might be different so that his fellow alumni might face “reverse discrimination.”

“Moon is known to shun appointing or caring for figures in line with school connections,” said an industry official asking not to be named. “The chances are that his fellow alumni would not be able to advance to significant jobs because Moon is expected to block them.”

Reportedly, Moon neither attends alumni meetings nor takes extra care of his schoolmates.

Such an unconventional stance is seemingly reflected in Moon’s appointments of his chief secretaries. On Thursday, Moon named two professors, who are not fellow alumni, as his top secretaries for civil and personnel affairs.

For civil affairs, he named Cho Kuk, a 52-year-old law professor from Seoul National University. Given the position has been occupied by senior prosecution officials, the appointment of Cho, who is outside of the prosecution, is interpreted as Moon’s bid to reform the prosecution.

For personnel affairs, Moon named Cho Hyun-ock, a visiting professor at Ehwa Womans University. She is the first woman to take the job.

Moon's chief of staff Im Jong-seok said “She is expected to take a leading role in breaking the glass ceiling.”