Former chief of banks' federation to head business lobby

Park Byung-won

A former Korea Federation of Banks chairman will take over as head of the Korea Employers Federation (KEF), the business lobby group said Thursday.

The KEF said Park Byung-won will take the helm of the organization on Feb. 26 after being endorsed by member companies at its general meeting.

“We expect Park will take initiative in solving big labor issues, such as cutting working hours and extending the retirement age, as well as labor market restructuring,” the KEF said in a statement.

The KEF has been holding discussions with union leaders on the issues, but has had difficulty in reaching compromises.

Park, 63, spent most of his career in the government sector, serving as a vice finance minister and a senior economic advisor to former President Lee Myung-bak before joining the banks’ federation.

The Busan native studied law at Seoul National University.