Financial Services Commission chairman Kim Seok-dong has tendered his resignation to Cheong Wa Dae, the FSC said Wednesday.

Kim’s decision to step down before his three-year term expires early next year reflects his philosophy that a new administration needs a new pool of people, an FSC official said. He had reportedly expressed his willingness to resign from his post before the presidential election in December.

Since taking the helm of the FSC in January 2011, he has led the restructuring of troubled savings banks.

(joowonc@heraldcorp.com)