The nominee to lead South Korea's antitrust regulatory body publicly expressed his intent Sunday on stepping down amid unrelenting controversies over allegations that he sexually harassed students as a university professor nearly a decade ago.

"I am not sure if I will be able to the meet the people's expectations by assuming the big public post," Song Ok-rial, President Yoon Suk-yeol's pick for the chief of the Fair Trade Commission (FTC), stated. He said he would focus on a teaching job.

Yoon's office immediately said it "respects" Song's decision.

The presidential office announced the nomination of the commercial law professor at Seoul National University last Monday.

A news report was released soon after the nomination that he made derogatory remarks to some female students about their physical appearances while drunk during a dinner meeting in 2014.

Recently, Song has admitted to making the comments and apologized to the students.

Meanwhile, Yoon plans to authorize the appointment of Kim Joo-hyun, head of the Credit Finance Association, as chair of the Financial Services Commission, on Monday, a presidential aide said.

Source: Yonhap News Agency