Korea Exchange Chairman and Chief Executive Officer Jeong Chan-woo on Thursday offered to resign from his post, a ritual that usually takes place in state institutions under a new administration as politics influence appointments.

Jeong, dubbed to be loyal to former President Park Geun-hye, was expected to leave after liberal President Moon Jae-in took office in May.

He expressed his intention of resignation to the Financial Services Commission (FSC) and the bourse operator on Thursday during his summer vacation. He plans to hand in the formal notice soon.

Jeong was appointed as the chief of the Korea Exchange in October last year under Park administration and his term is set to end on September 30, 2019. If his resignation is accepted, he would have served the shortest term as chief of the local exchanges.

Prior to serving as the Korea Exchange’s chief executive, Jeong served as the FSC’s vice chairman under the Park administration. He was questioned by the special prosecution in February after he was suspected of influencing the promotion of KEB Hana Bank senior executives.

The Korea Exchange will soon start the process to appoint Jeong’s successor. Under the legal guideline, the bourse operator’s special committee including outside directors and representatives from listed companies will make a recommendation and the successor will be named at the general shareholders’ meeting.

By Shin Heon-cheol and Choi Jae-won

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]