The management succession of Kim Dong-jun, the eldest son of former DaouKiwoom Group Chairman Kim Ik-rae, is expected to become full-scale.
According to the financial investment industry on the 10th, Kiwoom Securities will present a proposal for the new appointment of Kim as an inside director at the regular shareholders' meeting to be held on the 26th. Lee Hyun (68), vice chairman of Kiwoom Securities, who served as CEO from 2018 to 2021, is also nominated as a candidate for inside director alongside Kim.
Kim, who concurrently serves as the CEO of Kiwoom Private Equity and Kiwoom Investment, is expected to participate in the board of directors as a non-executive inside director without any specific position at Kiwoom Securities, according to the regulations prohibiting dual positions in the Financial Holding Companies Act. Kim's responsibilities at Kiwoom Securities will likely be determined after the proposal for the inside director appointment is passed at the shareholders' meeting.
Earlier, on the 28th of last month, Kiwoom Securities secured a 100% stake in Kiwoom Private Equity. This follows the acquisition of 4 million shares (40%) held by KICA and 2 million shares (20%) held by Kiwoom Asset Management. The market is analyzing this situation as a process of formalizing Kim's management succession.
Kim Ik-rae, who stepped down from group management last year, has two daughters, Kim Jin-hyeon (45) and Kim Jin-hee (43), former executive director of Kiwoom Asset Management, and a son, Kim Dong-jun. Kim Dong-jun graduated from Monta Vista High School in the United States and obtained a degree in accounting from the University of Southern California (USC), followed by a Master of Business Administration (MBA) from Cornell University. He then worked at Samil, before advancing through companies within the group such as Saramin, Daou Technology, and Daou Data.