Korea Racing Authority Chairman Lee Yang Ho has formally stepped down from his position after a year at the helm of the nation’s sole racing authority.

Outgoing Chairman Lee Yang Ho bids farewell to KRA staff following a leaving ceremony at Seoul Racecourse on Wednesday (Pic: KRA)

Lee, a career civil servant in the Ministry of Agriculture and Rural Development Administration prior to being appointed to the top job at the KRA, is reported to be leaving in order to run for political office having been nominated as a candidate for the upcoming Mayoral election in his home city of Gumi, North Gyeongsang Province.

Since Lee made his decision known in November, Korean media have reported that his replacement is likely to be Kim Nak Soon, a former National Assembly member.