South Korean President Park Geun-hye on Monday named former transportation minister and incumbent lawmaker Yoo Il-ho as her new finance minister in a partial cabinet reshuffle, heralding no major policy shift in Asia's fourth-largest economy.
Mr. Yoo, 60, a two-term lawmaker of President Park's ruling party, will succeed Choi Kyung-hwan, who has been in office since June 2014.
Mr. Choi is said to be standing down to run for parliamentary elections next year.
The presidential office in a statement described Mr. Yoo as “the right person to push for invigorating the economy” in line with the government’s policy.
He stood down as transportation minister in November.