Richard Wacker, the chairman of Korea Exchange Bank in Seoul, has been named president and chief executive officer of American Savings Bank. 

Wacker, 48, will assume his new position on Nov. 15.

 He replaces former president Timothy Schools, who recently relocated to the mainland. Connie Lau, who will be relinquishing her post as CEO of American Savings Bank, will remain president and CEO of parent company Hawaiian Electric Industries Inc.

Korea Exchange Bank is the fifth-largest Korean commercial bank. It operates in 22 countries with approximately $90 billion in assets.

Wacker, who relocated to Honolulu with his wife and four children in 2007, had been commuting to Seoul.