The Federation of Korean Industries (FKI) held a regular general meeting on Feb. 26 to appoint Huh Chang-soo as its 38th chairman.
For Huh, who has been leading the FKI for 10 years since 2011, it is the fifth consecutive term.
An official of the FKI said, "As a result of collecting opinions from various businessmen and senior business leaders, we have agreed to re-appoint Chairman Huh, who knows the FKI better than anyone else in this difficult situation caused by the COVID-19."
His term of office is two years. Chairman Huh has a longer tenure than the late Hyundai Group Chairman Chung Ju-young, who served as FKI chairman from 1977 to 1987. Kwon Tae-shin, vice chairman of the FKI, will also serve a second term.
"Chairman Huh is said to have led the FKI well in various difficult environments," an FKI official said. "We agreed that he is the best person to lead the FKI and the private sector in the face of unfavorable economic conditions at home and abroad."
According to business sources, Chairman Huh and the FKI sought a successor to lead the FKI after Chairman Huh, but failed to find a suitable successor.
Chairman Huh expressed his intention to step down in February 2017, but he was inevitably reappointed as the four major groups left the FKI due to the state affairs interference cases at the time and other conglomerates refused to take the chairmanship.
