Lee Hoi-chang (born June 2, 1935) is a Korean politician who served as President of Korea from 2002 to 2007, defeating Roh Moo-hyun in the 2002 Presidential election. Hoi-chang, a member of the right-wing New Korea Party, took over during the Asian financial crisis, which hit Korea particularly hard. His austerity policies and coziness with major chaebol firms opened him up to considerable criticism and clove the Korean right in two, leading to the more moderate Lee Myung-bak winning by breaking off from New Korea Party with his Liberal Party and attracting centrist voters in 2007. Lee had previously served as a longtime member of Parliament and as a justice on Korea's Supreme Court.