By Kim Hyun-bin

Federation of Korean Industries (FKI) Chairman Huh Chang-soo expressed his intention to resign after his term ends next month, according to industry officials, Friday.

Huh announced his intention last week while having a meal with the vice chairman of the FKI at a hotel in Seoul. The dinner was attended by Kolon Group Honorary Chairman Lee Woong-yeul and Hanjin Group Chairman Cho Won-tae. Kwon Tae-shin, the full-time vice chairman of the FKI, also offered to resign.

FKI Chairman Huh Chang-soo

The FKI has seen its status decline after four major conglomerates ― Samsung, Hyundai Motor, SK and LG ― withdrew their membership after the business lobby group was embroiled in a massive corruption scandal that ended up landing former President Park Geun-hye behind bars.

Since 2011, Huh has served as the chairman of the FKI for six consecutive terms. He is the longest-serving chairman of the entity and will end his sixth two-year term next month. The FKI, a non-profit organization, must appoint the next chief at a general meeting held in February.

Huh strongly expressed his intention not to serve again in 2017, 2019, and 2021, but continued to hold the chairmanship because there was no suitable candidate to replace him. One source in the business community said that the chairman believes the FKI should begin a full-fledged reform with his resignation.

Huh also asked the vice chairmen of the FKI to recommend candidates for the next leader. Speculation has mounted over Huh's resignation after he decided not to accompany President Yoon Suk Yeol's economic delegation to the United Arab Emirates (UAE), citing scheduling conflicts.