Kyobo Securities held a board meeting on 20th and disclosed that it approved CEO Lee Seok-gi's third term extension. Lee's reappointment will be confirmed at the regular shareholders' meeting scheduled for the end of next month.
Lee is a former vice president of Kyobo Life Insurance and was appointed as CEO of Kyobo Securities in 2021. He oversees the institutional sector of management support and the sales and trading (S&T) sector.
The industry notes that Kyobo Securities recorded an operating profit of 116.3 billion won last year, indicating a strong performance, and given that its largest shareholder, Kyobo Life Insurance, holds an equity stake of 84%, the term extension is likely to pass smoothly at the shareholders' meeting.
Currently, Kyobo Securities is operated under a dual CEO system with Park Bong-kwon and Lee Seok-gi. Each CEO serves a term of two years, and Park confirmed his third term at last year's shareholders' meeting in March. Park was appointed a year earlier than Lee and has managed the institutional sector of investment banking (IB) and wealth management (WM) business.