The CEO and chief investment officer of South Korea’s $427 billion National Pension Service are both moving on, amid reports of disagreements between the two on issues such as how the fast-growing pension fund’s investment organization should be structured.
A Seoul-based spokesman for the NPS confirmed that Choi Kwang, the chairman and CEO of Jeonju-based NPS, resigned at the end of October. The spokesman said the term of CIO Hong Wan Sun expired Nov. 3, and Mr. Hong will stay on until a successor is selected.
The spokesman said it could take two or three months for both positions to be filled.
The spokesman declined to comment on reports that disagreements between Messrs. Choi and Hong prompted the departures.