South Korean President Lee Myung-bak sacked his finance and unification ministers Monday in a long-anticipated shakeup of the Cabinet aimed at easing public anger over a looming economic recession and worsening relations with communist North Korea, according to Yonhap News.
Yoon Jeung-hyun, former head of the Financial Supervisory Committee (FSC) and the Financial Supervisory Service (FSS), was tapped to succeed the embattled finance minister Kang Man-soo, who has been widely blamed for failing to forecast the ongoing economic difficulties and adopting a series of "misguided" policies that made the country more vulnerable to the global financial crisis.
"Yoon served as the head of the FSC and FSS under the former Roh Moo-hyun government and he is well versed in financial affairs with expertise on overall economic issues," Lee Dong-kwan, a spokesman for the presidential office of Cheong Wa Dae, was quoted as saying.
"The government expects his nomination and appointment will bring about confidence in the market that will help us get through this economic crisis."
Unification minister Kim Ha-joong, the country's point man on North Korea, will be replaced by Hyun In-taek, a professor of political science from Seoul's Korea University, the president's alma mater.
Monday's reshuffle also included two other ministerial-level posts ― chief of staff for prime minister and the head of the Financial Services Commission.
Kwon Tae-shin, a career government administrator, was promoted to the position of prime minister's chief of staff while Chin Dong-soo, president of the state-run Export-Import Bank of Korea, was tapped to head the Financial Services Commission, according to the presidential spokesman.
Also to be replaced in the latest government shakeup are 15 vice ministerial-level officials, including the chief presidential secretary for economy, Bahk Byong-won, who recently underwent questioning by state inspectors for possible involvement in suspected irregularities committed by his former employer, Woori Financial Group.
Bahk is to be replaced by Yoon Jin-shik, president of the Korea Investment Holdings Co. Ltd., Lee said.