Myoun-Wook Kang, CIO of South Korea’s $513 billion National Pension Service (NPS), penned his resignation Monday, quitting the fund seven months before his two-year deal expires on February 17. The NPS cited personal reasons for his departure. Had Kang finished his term, the NPS had the option to extend his contract for another year.
Kang is the fund’s first CIO unable to complete the two-year run, a standard contract given to its CIOs.
According to Koreaninvestors.com, the market speculated that Kang “must have felt burdened with political circles’ criticism about his management of human resources.”
The fund has had its share of issues in recent months.
Kang’s resignation came a day before welfare minister Neung-hoo Park’s parliamentary hearing. The South Korean welfare ministry oversees NPS.
Two weeks ago, NPS cancelled the appointment of its new global alternative investment head due to an inaccurate statement of the candidate’s work history on his curriculum vitae, where he did not meet the requirement of having more than 15 years of experience in investment fields.
Last February, NPS’s former CEO and Chairman Hyung-pyo Moon stepped down after he was indicted for abusing power and providing false testimony in connection with a 2015 merger of two Samsung units. Moon and Kang’s predecessor, Wan-sun Hong, were both sentenced to two and a half years in prison, but their cases are currently under appeal.
NPS will form a committee to find Kang’s replacement, who will be appointed by its Acting Chairperson and CEO, Ms. Rhee Won Hee.