South Korea's presidential office on Wednesday named a new prime minister and finance minister, the highest-level shake-up yet since President Park Geun-hye's administration was rocked by a scandal involving a friend accused of meddling in state affairs.
The Blue House said it named Yim Jong-yong, the Financial Services Commission chairman, as the new finance minister and deputy prime minister. Yim, who will replace incumbent minister Yoo Il-ho, has been well-regarded by policy makers and market participants in his current role.
Kim Byong-joon, a former senior presidential secretary during former President Roh Moo-hyun's administration, was named the new prime minister to replace Hwang Kyo-ahn. The prime minister's role in South Korea is largely administrative.