Seoul: Presidential chief of staff for policy Kim Yong-beom has offered his resignation, which was accepted by President Lee Jae Myung, according to a presidential spokesperson on Tuesday. Kim tendered his resignation the previous day, and President Lee confirmed its acceptance earlier Tuesday, spokesperson Kang Yu-jung announced at a press briefing.

According to Yonhap News Agency, the presidential spokesperson did not provide specific reasons for Kim's resignation. However, it coincides with ongoing criticism regarding the single-stock leveraged exchange-traded funds (ETFs) that were introduced in May under Kim's leadership. These funds have been blamed for potentially increasing stock market volatility. Kim has been serving as the presidential policy chief since the Lee administration was inaugurated in June of last year.

Kim's resignation follows a Cabinet reshuffle announced on Sunday, in which President Lee nominated six new Cabinet members, including the justice and defense ministers. These personnel changes come at a time when President Lee's approval rating has reached its lowest point since assuming office, particularly among younger voters. The decline in approval is attributed mainly to the surge in housing prices and instability in the stock market.

The Korea Composite Stock Price Index (KOSPI), the country's benchmark, reached a record closing high of 9,114.55 points in June. However, it has since dropped to approximately 6,730 as of Tuesday morning.

In a subsequent press briefing, a presidential official stated that Kim's departure is intended to accelerate and "inject vigor into the implementation of policies." The official added that Cheong Wa Dae will strive to appoint Kim's successor in a manner that ensures continuity and minimizes disruption to state administration.