Impact Player: Eun Sung-soo
Eun Sung-soo By Eun Kyung DuBois
Who is he? Eun Sung-soo is the new Chief Executive Officer of the Korea Investment Corporation (KIC).
Dr. Eun is a distinguished expert of economics and finance, having worked in both international organizations and the ROK government throughout his career. Prior to joining the KIC, Dr. Eun served as an Executive Director at the World Bank, representing the Republic of Korea and other countries in the Asia-Pacific. Previously, he was also a senior economist and economic advisor at the International Bank for Reconstruction and Development.
He has served in various trade related positions in government, including as Deputy Minister of International Affairs and Director General and Deputy Director General of the International Finance Bureau at the Ministry of Strategy and Finance. He was also Assistant Secretary to the President for Economic Policy in the Blue House.
Dr. Eun received a doctorate degree in economics from the University of Hawaii and a bachelor’s degree from the Seoul National University.
Why has he been in the news? Dr. Eun took office on January 19, 2016, replacing Ahn Hong-chul, who prematurely concluded his three-year term after the ROK’s state auditor launched an investigation into a failed KIC deal to purchase a stake in the Los Angeles Dodgers. The scandal involving Mr. Ahn and subsequent investigation by the Board of Audit and Inspection brought the transparency and efficiency of KIC under scrutiny.
Restoring confidence back to the KIC is a major objective for Dr. Eun. In his first press conference on February 17, he presented his innovation blue print for the KIC, where he introduced reforms strengthening the human resources ethics board and revision of corporate regulations. Two days later, three senior managers, CIO Chu Heungsik, CRO Hong Taekgi, and COO Kim Ryeong resigned, leaving the space for new faces at the KIC. He has already selected Mr. Kim Sangjoon, the head and senior managing director of the KIC’s London office as the new COO on February 26.
What can we expect from him? Since becoming CEO, Dr. Eun has emphasized “clean management,” “performance-based management,” and “integration management,” stating that it was necessary for KIC to turn over a new leaf through change and innovation. Specifically, his goal is to repair the relationships between the KIC, the government, and the Bank of Korea. These relationships had deteriorated significantly over the past two years of his predecessor’s term. His expertise in finance, combined with his notable leadership in international organizations, will prove invaluable to restoring domestic and global trust. As uncertainty in the global economy grows—with U.S. interest rates increasing, Japanese and European fiscal policies easing, and the Chinese market fluctuating—coordination among organizations has now become more crucial than ever. This is important, as he needs to turn around an institution first established in July 2005 to manage the sovereign wealth funds of the ROK. His extensive experience and leadership capabilities will prove indispensable as he heads KIC and to promote a cooperative working environment
Impact Players is made by possible by the support of Grosvenor Capital Management. The views expressed do not necessarily reflect the views of the sponsor or its affiliates.
Impact Players is a product by the CSIS Korea Chair to inform audiences about key policy makers in issue areas of importance to US-Korea relations. All views, positions, and conclusions expressed in this publication should be understood to be solely those of the author(s). Photo Credit: Korea Investment Corporation
Who is he? Eun Sung-soo is the new Chief Executive Officer of the Korea Investment Corporation (KIC).
Dr. Eun is a distinguished expert of economics and finance, having worked in both international organizations and the ROK government throughout his career. Prior to joining the KIC, Dr. Eun served as an Executive Director at the World Bank, representing the Republic of Korea and other countries in the Asia-Pacific. Previously, he was also a senior economist and economic advisor at the International Bank for Reconstruction and Development.
He has served in various trade related positions in government, including as Deputy Minister of International Affairs and Director General and Deputy Director General of the International Finance Bureau at the Ministry of Strategy and Finance. He was also Assistant Secretary to the President for Economic Policy in the Blue House.
Dr. Eun received a doctorate degree in economics from the University of Hawaii and a bachelor’s degree from the Seoul National University.
Why has he been in the news? Dr. Eun took office on January 19, 2016, replacing Ahn Hong-chul, who prematurely concluded his three-year term after the ROK’s state auditor launched an investigation into a failed KIC deal to purchase a stake in the Los Angeles Dodgers. The scandal involving Mr. Ahn and subsequent investigation by the Board of Audit and Inspection brought the transparency and efficiency of KIC under scrutiny.
Restoring confidence back to the KIC is a major objective for Dr. Eun. In his first press conference on February 17, he presented his innovation blue print for the KIC, where he introduced reforms strengthening the human resources ethics board and revision of corporate regulations. Two days later, three senior managers, CIO Chu Heungsik, CRO Hong Taekgi, and COO Kim Ryeong resigned, leaving the space for new faces at the KIC. He has already selected Mr. Kim Sangjoon, the head and senior managing director of the KIC’s London office as the new COO on February 26.
What can we expect from him? Since becoming CEO, Dr. Eun has emphasized “clean management,” “performance-based management,” and “integration management,” stating that it was necessary for KIC to turn over a new leaf through change and innovation. Specifically, his goal is to repair the relationships between the KIC, the government, and the Bank of Korea. These relationships had deteriorated significantly over the past two years of his predecessor’s term. His expertise in finance, combined with his notable leadership in international organizations, will prove invaluable to restoring domestic and global trust. As uncertainty in the global economy grows—with U.S. interest rates increasing, Japanese and European fiscal policies easing, and the Chinese market fluctuating—coordination among organizations has now become more crucial than ever. This is important, as he needs to turn around an institution first established in July 2005 to manage the sovereign wealth funds of the ROK. His extensive experience and leadership capabilities will prove indispensable as he heads KIC and to promote a cooperative working environment
Impact Players is made by possible by the support of Grosvenor Capital Management. The views expressed do not necessarily reflect the views of the sponsor or its affiliates.
Impact Players is a product by the CSIS Korea Chair to inform audiences about key policy makers in issue areas of importance to US-Korea relations. All views, positions, and conclusions expressed in this publication should be understood to be solely those of the author(s). Photo Credit: Korea Investment Corporation
