The Korea Advertisers Association elected Ildong Pharmaceuticals Co. chief executive Lee Jung-chi its 11th president on Wednesday.

“I will seek a virtuous circle through communication and cooperation among market players, who are advertisers, media and ad agents,” Lee said in his inaugural address.

“I will also push ahead with plans to ease regulations against the ad market and address those news reports and programs which may hurt business activities and fuel sentiment against businesses.”

Lee joined Ildong Pharmaceuticals in 1967 and became chief executive in 2005. He has doubled as chairman since 2011.

Established in 1988, the association has 194 member corporations.

By Chun Sung-woo (swchun@heraldcorp.com)