Chung Mong-gyu, chairman of South Korean construction firm Hyundai Development Co., was nominated Wednesday as the new chairman of the first-division football league in South Korea.

If approved, Chung, 49, will replace Kwak Chung-hwan, who recently resigned as head of the K-League. The league will convene a general assembly Thursday to formally elect him.

Chung also serves as the owner of Busan I’Park, one of 16 teams in the K-League. Some clubs are owned and operated by private companies, while others are publicly owned.

Kwak, who had been the K-League chief since 2005, stepped down on Jan. 14 with one year left in his term. The 74-year-old said he would take responsibility for declining attendance and television ratings and for lackluster corporate interest in the league.

Following Kwak’s resignation, five K-League football officials formed a committee to seek his replacement, and they nominated Chung.

The committee, which included club presidents and general managers, said Chung has agreed to take the helm and he plans to present his ideas of improving the K-League. A K-League chairman serves three years in his first term and may be re-elected. (Yonhap News)