Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
Brokerages replace CEOs to weather crisis
By Kim Bo-eun
A number of brokerages have changed their leadership as they brace for a tough year ahead, amid their involvement in a troubled investment firm as well as growing uncertainties triggered by the coronavirus pandemic.
Brokerages including Shinhan Investment, Daishin Securities and IBK Securities replaced their CEOs after holding shareholder meetings this month.
Shinhan Investment CEO Lee Young-chang
By Kim Bo-eun
Shinhan appointed Lee Young-chang, former vice president at Daishin Securities as its CEO, replacing Kim Byung-chul, who stepped down just a year after taking office. Kim stepped down after the brokerage was investigated for its involvement in the Lime Asset Management fiasco.
Shinhan's brokerage unit faces allegations of mis-selling troubled funds of Lime. Investors, who are set to see huge losses from their investments managed by Lime, have filed suits against its distributors including Shinhan, based on such allegations. Investigations are ongoing ― but the prosecution detained a former executive of Shinhan Investment a week ago.
Lee's extensive experience in the brokerage, investment banking and wealth management business, is expected to be utilized in restoring customer trust in Shinhan and in seeking approval to become a so-called mega investment bank here.
The latter is a key task for Shinhan, which increased its capital by issuing new stocks last year to meet requirements to become Korea's sixth investment bank. The brokerage also reshuffled its organization earlier this year to boost its investment bank capabilities.
But it may face difficulties in achieving that goal if the brokerage is sanctioned for its involvement in the Lime case.
Daishin Securities CEO Oh Ik-geun
Daishin Securities tapped Oh Ik-geun, who served as the brokerage's vice president, as CEO. Daishin's leadership had been vacant, as its CEO Na Jae-chul was appointed as the chief of the Korea Financial Investment Association earlier this year.
Oh is a long-time "Daishin man," climbing up the corporate ladder after joining the company in 1987. He served as the chief of Daishin Savings Bank from 2013 to 2018.
In the meantime, Daishin is among other distributors selling troubled funds from Lime.
Oh is seen to have been appointed as chief, to ensure stability as an internal figure from the company.
IBK Securities appointed Suh Byung-ki, who was formerly in charge of Shinyoung Securities' investment bank business, as its chief.
The move is intended to strengthen IBK's investment bank business. Suh built his career at the Korea Exchange Bank, Shinyoung Securities and the Korea Investment Corporation.
Hyundai Motor Securities named Choi Byung-chul, who was chief financial officer at Hyundai Motor, as its CEO.
He is seen as being placed in the position to manage risks amid uncertainties in the market due to the spread of the coronavirus.
Kyobo and Yuanta Securities changed their leadership systems to better address such uncertainties.
Kyobo introduced a dual leadership system under Kim Hae-joon, who was formerly the brokerage's sole CEO, and Park Bong-kwon. Kim will oversee Kyobo's investment banking division and Park, wealth management.
The system is seen as a means to more effectively boost each of the divisions.
Yuanta changed its system by making Kuo Ming-cheng as its sole CEO. The securities firm was formerly headed by Kuo and Suh Myung-suk.