New CEO at KAMCO

Chmn. Chang Young-chul resolves to steer KAMCO to be a safe base for market economy through reform and change

Chang Young-chul, former executive director of the Presidential Council for Future & Vision (PCFV), was inaugurated as the Chairman & CEO of the Korea Asset Management Corporation (KAMCO) as of Nov. 8, the company said recently.
Chang was appointed by Korean President Lee Myung-bak after a public recruitment process, evaluation from the Executive Recommendation Board members, approval of the stockholders and a recommendation by the Financial Services Commission, KAMCO said.
In his inauguration speech, Chang emphasized that KAMCO is putting its utmost effort into becoming an advanced public enterprise, whose responsibility, with infinite trust from the government and the public, is for the safety of the nation’s economic development. “As a proud KAMCO man,” he said, “I will try to do my best to take care of various issues and challenges that the company is faced with.”
Chang said KAMCO should play the role of a safety pin for the market economy by securing the capacity to actively cope with any crisis in the area of finance. “We have to open the way for those isolated from financial support by helping them to restore their credit, thus stabilizing the livelihood of the general population and strengthening their economic viability,” the new CEO said. He added that KAMCO also ought to help both the central and local governments increase their treasury revenues.
“The company should be able to play the role of an integrated financial asset management firm by managing diverse financial assets to make it a public firm that will be more friendly to people and does its best to carry out its social responsibility,” Chang said.
With regard to the development of government-invested firms, he said the sector should play its given roles to get the country moving up economically and they should secure a competitive edge through self-generated reform and innovations.
He also pointed out the need for the company to make efforts for qualitative growth, not enforced by outside forces, but through its own creative initiatives in what can be described as a model of an advanced state-invested corporation. The new KAMCO chairman said he will do his utmost to steer the company to be an advanced company that plays the role of a safe base for the development of the country, with the limitless support of the people and the government.
Prior to joining KAMCO, Chang worked for the PCFV and the Ministry of Strategy & Finance as a director general at the Public Policy Bureau. Also, he served as a spokesperson at the then Ministry of Planning and Budget, now the Ministry of Strategy & Finance.
He passed the Higher Civil Service Examination after graduating from Seoul National University in business administration. He received his master’s degree in economics from Vanderbilt University in the United States.
KAMCO was established by the act of the “Effective Resolution of Financial Institution NPLs and Establishment of KAMCO” in 1962. Since its establishment, KAMCO has purchased and resolved financial institutions’ NPLs, restructured corporations, assisted in the restoration of credit-worthiness of the financially-underprivileged, managed state-owned properties and collected overdue taxes as a quasi-governmental entity. As the perpetual restructuring institution, KAMCO serves the development of the nation’s economy and financial institutions, maximizes government revenue by effectively managing government-commissioned state-owned properties and, in times of crisis, KAMCO stood on the front lines to support households, corporations, financial institutions and even the government as the nation’s economic safety-net.
KAMCO’s mission:
* Purchase and resolve financial institutions’ NPLs and restructure corporations
* NPL Resolution Fund Management
* Corporate Restructuring Fund Management
* Credit Recovery Fund Management: Restore credit-worthiness of the financially-underprivileged
* Management and development of state-owned properties
* Collection of overdue taxes
* Management of On-Bid, Public Property Disposal Service through an Electronic System. nw

New Chairman Chang Young-chul of Korea Asset Management Corp.