'Legendary James' resigns as securities firm CEO

Yoo Sang-ho / Korea Times file

By Lee Kyung-min

Korea Investment & Securities CEO Yoo Sang-ho has stepped down from his position, concluding his 12 successful years as Korea's longest-serving securities firm CEO, the firm said Monday.

The holding company of the securities firm convened a board meeting and passed a motion to appoint him as the company vice chairman Nov. 23.

The announcement that the most successful CEO at the height of his achievements would resign came as all the more shocking given the firm posted 539.7 billion won ($476 million) in operating profit in the first three quarters of 2018.

The record-breaking performance was a guarantee for him to secure a 12th term.

“I have spent the happiest time of my life over the past 30 years, 12 of which I had been CEO. I am flattered and feel extremely lucky and grateful,” he said in a statement.

“I expect the company will have the largest gross profit among securities firms this year. And I feel now is the perfect time for me to step down from the top to make way for my junior colleagues.”

Yoo has had an impressive career in the field. He graduated from Korea University High School and went on to become a business administration major at Yonsei University.

After graduation he began working at Daewoo Securities, the predecessor of Mirae Asset Daewoo, in 1988.

Yoo rose to prominence among stock traders when he worked at the firm's London branch from 1992 through 1999, during which time he traded 5 percent of the stocks traded in Korea. This earned him the nickname “legendary James,” there.

He then moved to Meritz where he worked briefly before he became vice president at a firm merged between Dongwon Securities and Korea Investment & Securities in 2005. He became CEO two years later.

Yoo takes most pride in his business strategy to hire more workers since the late 2000s, when most securities firms reduced their workforces as part of a larger hiring freeze amid a sluggish economy.

He hired up to triple the number of new employees his competitors did, giving talented young workers an opportunity to work and reach their potential.

In addition, Yoo also helped 138 companies with their Initial public offering (IPO), which he said contributed to the fostering of companies and economy in the country.

The firm's return on equity (ROE), a measure of financial performance calculated by dividing net income by shareholders' equity, stood at 12.7 percent in the third quarter, well above the industry average.