New KBS President and CEO Park Min makes his inauguration speech at the headquarters of the broadcaster in Seoul, Nov. 13, in this photo provided by KBS. Yonhap

KBS' new President and CEO Park Min vowed on Monday to significantly reform the country's largest public broadcaster to regain public trust and solve financial problems.

"We should not hesitate to conduct a major structural overhaul and relocate employees," he said at his inauguration speech at the broadcaster's headquarters in Seoul.

"Over the past ten years, the media industry went through self-destructive changes, but KBS did not sufficiently prepare itself for the changes," he said, criticizing the broadcaster as only being busy with keeping its vested interests.

A complete overhaul will mark the first step for KBS to regain public trust and solve financial problems, Park said, adding the current financial crisis lies inside, not outside, of the broadcaster.

On Sunday, President Yoon Suk Yeol approved the proposed appointment of the former newspaper journalist as new KBS chief, without the adoption of a parliamentary confirmation hearing report amid strong opposition from the main opposition Democratic Party of Korea over conflicting opinions on the selection process.

In July, KBS filed a petition with the Constitutional Court against a revision requiring the collection of license fees for the company be separated from electricity bills, a measure that will have negative impacts on the broadcaster's revenue stream.

Since 1994, KBS has charged a monthly fee of 2,500 won ($1.93) to every household with a television receiver, and the fee has been embedded in the monthly electricity invoice. (Yonhap)