President Roh Moo-hyun has appointed a member of the Asia Development Bank board of directors as the new head of the Financial Supervisory Commission (FSC).

Yoon Jeung-hyun, the man tapped by the president, will replace Lee Jung-jae, who resigned last week following recent media reports that he might have violated supervisory rules during the financial crisis of credit card issuers in 2003.

President Roh also named President Cheo Hong-geon of the Korea Polytechnic University as the chairman of a presidential committee on small- and medium-sized businesses.