Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
KB Securities co-CEOs to resign
KB Securities co-CEOs Yoon Kyung-eun, left, and Chun Byoung-jo / Courtesy of KB Securities
By Jhoo Dong-chan
By Jhoo Dong-chan
KB Securities co-CEOs Yoon Kyung-eun and Chun Byoung-jo tendered their resignations Tuesday.
Their departure came ahead of a possible management reshuffle at KB Financial Group's subsidiaries. Of the group's 19 CEOs, 14 will complete their terms at the end of the year.
KB's brokerage unit was established following a merger between KB Investment & Securities and Hyundai Securities in January 2017. The merger gave birth to the mammoth brokerage worth 4.1 trillion won ($3.6 billion) in net capital.
KB Securities immediately appointed Yoon, who had led Hyundai Securities before the merger, as its new co-CEO in charge of the brokerage's wealth management and governance. Chun, who used to be an administrative officer, was appointed as Yoon's partner CEO responsible for KB Securities' investment bank business.
They both led KB Securities for two consecutive terms of two years.
“The merger between KB Investment & Securities and Hyundai Securities was successful,” an industry insider who is familiar with the issue was quoted as saying.
“I understand the two CEOs have decided to leave in a bid to help prepare for a new leap forward by the brokerage.”
Local media reported that former KB Koomin Bank Credit Group Vice President Park Jeong-rim will be appointed as the brokerage's new CEO, but he denied this.
“I do not know where this rumor came from. It is completely false,” she told The Korea Times.
A KB Securities official said the brokerage has yet to decide on its new CEO.
“There is nothing to comment on at this point. Nothing has been decided about who will fill the CEO post,” the official said.
The brokerage added it will decide Yoon and Chun's successor during an in-house recommendation committee meeting scheduled for Dec. 19.