South Korea names veteran technocrat Lee Hyoung-il as new finance chief in cabinet reshuffle

Seoul, Aug. 30 (Yonhap) -- President Lee Jae Myung has selected six individuals to fill key ministerial positions in his government, according to a presidential official. The reshuffle, announced during a press briefing by Presidential Chief of Staff Kang Hoon-sik, includes the appointment of Vice Finance Minister Lee Hyoung-il as the new finance minister.

Other new ministers include former South Korea-U.S. Combined Forces Command deputy commander Kang Shin-chul as the new defense minister; former legislator Kim Seung-won of the ruling Democratic Party as the new justice minister; Democratic Party representative Yong Hye-in as the new gender equality minister; Democratic Party representative Lee So-young as the new minister for small and medium-sized enterprises; and Lee Won-ju, a senior official at the environment ministry, as the presidential aide for the megaproject initiative.

The ministerial nominations, which mark the first major Cabinet reshuffle since Lee's presidency began in June, come amid declining approval ratings and growing concerns over rising housing prices and stock market volatility. The presidential official described the new leaders as possessing dynamism and expertise, promising tangible changes for citizens and a leap forward for the nation. The nominees will undergo confirmation hearings at the National Assembly.