South Korean Presidential Policy Chief Kim Yong-beom Resigns

SEOUL, Sept. 1 (Yonhap) -- Presidential chief of staff for policy Kim Yong-beom has offered to resign, and President Lee Jae Myung has accepted his resignation, a presidential spokesperson said Tuesday.

Kim tendered his resignation the previous day, and Lee accepted it earlier Tuesday, spokesperson Kang Yu-jung said at a press briefing.

The presidential spokesperson did not provide a reason for Kim's resignation, but it comes amid persistent criticism that single-stock leveraged exchange-traded funds (ETFs) launched in May under his leadership may be amplifying stock market volatility.

Kim has been serving as presidential policy chief since the launch of the Lee administration in June last year.

Kim's departure follows a Cabinet reshuffle announced Sunday, in which Lee nominated six new Cabinet members, including the justice and defense ministers.

The personnel changes came as Lee's approval rating fell to its lowest point since taking office, particularly among young voters, mainly due to runaway housing prices and stock market volatility.

The country's benchmark Korea Composite Stock Price Index (KOSPI) hit a record closing high of 9,114.55 points in June but has since fallen to around 6,730 as of Tuesday morning.

In a subsequent press briefing, a presidential official said Kim's departure was aimed at accelerating and "injecting vigor into the implementation of policies."

The official added Cheong Wa Dae will seek to appoint Kim's successor in a manner that would prevent any disruption to state administration.