Can brokerage CEOs keep seats in coming reshuffle? - The Korea Times

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Can brokerage CEOs keep seats in coming reshuffle?


By Lee Kyung-min
Mirae Asset Daewoo CEO Choi Hyun-man
Mirae Asset Daewoo CEO Choi Hyun-man
Attention is growing over whether CEOs of the nation's major securities firms will keep their seats in the upcoming management reshuffle as their terms will be terminated in the months to come, according industry sources and officials, Tuesday.

Despite the slew of negative domestic and global developments, chances are that many of them will survive as most brokerage houses have posted better-than-expected earnings for the first nine months of 2019.

Firms with their CEOs terms set to end in March 2020 include Mirae Asset Daewoo, NH Investment & Securities, Daishin Securities, Kyobo Securities, Yuanta Securities Korea, Hyundai Motor Securities, SK Securities and DB Financial Investment.
Mirae Asset Daewoo CEO Cho Ung-kee
Mirae Asset Daewoo CEO Cho Ung-kee

The leadership of industry leader Mirae Asset Daewoo is not likely to change given that the firm enjoyed a record-high net profit of 525.3 billion won ($446 million) in the January-September period in 2019.

The performance is outstanding because the firm took only nine months to break the previous annual highest net profit of 504.9 billion won achieved in 2017.

This was led by the firm's two CEOs Choi Hyun-man and Cho Ung-kee. Choi, a founding member of the firm, doubles as executive vice chairman, while Cho also serves as vice chairman.


NH Investment & Securities CEO Jeong Young-chae
NH Investment & Securities CEO Jeong Young-chae
Similarly, NH Investment & Securities CEO Jeong Young-chae is expected to have his term extended following record-breaking performances for two consecutive years since March 2018 when his term began.

The investment subsidiary of NongHyup Financial Group reported 361.5 billion won in net profit in 2018, but last year's record-high performance is likely to be broken by this year as it already recorded 359.9 billion won in net profit in the first three quarters.


Korea Investment & Securities CEO Jung Il-mun
Korea Investment & Securities CEO Jung Il-mun
The notable performance came after it concluded a successful initial public offering (IPO) of AutoEver Systems, an in-house IT service subsidiary of Hyundai Motor Group, in the first quarter of 2019.

NH helped the firm get listed on the main bourse by raising 168.5 billion won and managing the issuance of 3.51 million shares at 48,000 won per share.

His term will last until the upcoming shareholders meeting slated for March in 2020.

Heads of Kyobo, Hyundai Motor, IBK and SK also managed to increase their net profits in the first nine months in 2019 from the year before.



By Lee Kyung-min
Mirae Asset Daewoo CEO Choi Hyun-man
Mirae Asset Daewoo CEO Choi Hyun-man
Attention is growing over whether CEOs of the nation's major securities firms will keep their seats in the upcoming management reshuffle as their terms will be terminated in the months to come, according industry sources and officials, Tuesday.

Despite the slew of negative domestic and global developments, chances are that many of them will survive as most brokerage houses have posted better-than-expected earnings for the first nine months of 2019.

Firms with their CEOs terms set to end in March 2020 include Mirae Asset Daewoo, NH Investment & Securities, Daishin Securities, Kyobo Securities, Yuanta Securities Korea, Hyundai Motor Securities, SK Securities and DB Financial Investment.
Mirae Asset Daewoo CEO Cho Ung-kee
Mirae Asset Daewoo CEO Cho Ung-kee

The leadership of industry leader Mirae Asset Daewoo is not likely to change given that the firm enjoyed a record-high net profit of 525.3 billion won ($446 million) in the January-September period in 2019.

The performance is outstanding because the firm took only nine months to break the previous annual highest net profit of 504.9 billion won achieved in 2017.

This was led by the firm's two CEOs Choi Hyun-man and Cho Ung-kee. Choi, a founding member of the firm, doubles as executive vice chairman, while Cho also serves as vice chairman.


NH Investment & Securities CEO Jeong Young-chae
NH Investment & Securities CEO Jeong Young-chae
Similarly, NH Investment & Securities CEO Jeong Young-chae is expected to have his term extended following record-breaking performances for two consecutive years since March 2018 when his term began.

The investment subsidiary of NongHyup Financial Group reported 361.5 billion won in net profit in 2018, but last year's record-high performance is likely to be broken by this year as it already recorded 359.9 billion won in net profit in the first three quarters.


Korea Investment & Securities CEO Jung Il-mun
Korea Investment & Securities CEO Jung Il-mun
The notable performance came after it concluded a successful initial public offering (IPO) of AutoEver Systems, an in-house IT service subsidiary of Hyundai Motor Group, in the first quarter of 2019.

NH helped the firm get listed on the main bourse by raising 168.5 billion won and managing the issuance of 3.51 million shares at 48,000 won per share.

His term will last until the upcoming shareholders meeting slated for March in 2020.

Heads of Kyobo, Hyundai Motor, IBK and SK also managed to increase their net profits in the first nine months in 2019 from the year before.


Lee Kyung-min lkm@koreatimes.co.kr


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