Rep. Choo Kyung-ho, new floor leader of the ruling People Power Party, speaks at the National Assembly in Seoul, May 9. Yonhap

Rep. Choo Kyung-ho, a two-term lawmaker who served as the first finance minister under the Yoon Suk Yeol administration, was elected as new floor leader of the ruling People Power Party (PPP) on Thursday.

Choo, who was elected to a third term in last month's parliamentary elections, beat two other contenders — Reps. Lee Jong-bae and Song Seog-jun — in a vote held during a general meeting of party lawmakers at the National Assembly.

Choo is tasked with leading the party in the incoming 22nd National Assembly set to open later this month. Last week, the main opposition Democratic Party of Korea (DPK) elected Rep. Park Chan-dae, a lawmaker closely aligned with DPK leader Lee Jae-myung, as its new floor leader.

Choo served as finance minister and deputy minister for economic affairs from May 2022, before resigning in December to run for the April 10 general elections.

With more than 30 years of his career as a technocrat in the fields of real economy and financial policy, he is known for his "hybrid" expertise in macroeconomic policy, as well as international economics and domestic finance.

Yoon's ruling PPP suffered a crushing defeat in last month's parliamentary elections, winning only 108 seats in the 300-member National Assembly while the DPK secured 192 seats. (Yonhap)