Im Jae-taek, the representative of Hanyang Securities, has decided to remain at Hanyang Securities instead of moving to DAOL Investment & Securities.
On the 14th, Im noted in a statement, "I was planning to take on the position of CEO at DAOL Investment & Securities for new challenges, but due to various reasons, I changed that decision and decided to maintain my position as CEO of Hanyang Securities."
Earlier, DAOL Investment & Securities presented a proposal to appoint Im as the new CEO through the nomination committee and board of directors at the regular shareholders' meeting.
Im argued that this decision was not based on personal reasons but rather the result of a careful review of various factors related to mergers and acquisitions (M&A), the role and responsibilities of the current CEO, and other elements. Currently, Korea Corporate Governance Improvement (KCGI) is undergoing the major shareholder eligibility review process by the financial authorities to acquire the management rights of Hanyang Securities.
Im stated, "Hanyang Securities is at a new crossroads with M&A," adding, "There are many practical and legal constraints regarding the departure of the organization's top responsible person at a critical time, which has caused me countless sleepless nights to contemplate."
Im further explained, "I also accept the foundation (Hanyang Foundation)'s heavy expectation that the current management team should stay in place during the most challenging times," and expressed, "The management team, including myself, shared the understanding that it is more important to fulfill our roles for the organization's stability rather than personal stances or interests, especially with the uncertainty that may arise from changes in the major shareholders."
Im also apologized to the employees of DAOL Financial Group regarding this decision. He said, "I sincerely apologize to Lee Byung-chul, chairman of DAOL Financial Group, and all employees, noting that although they reached out a hand to believe in and work alongside the inadequate me, it is difficult to express my feelings when I think about the considerable confusion caused by my sudden change of status."
Im expressed his goal to do his best to successfully conclude the major task of M&A at Hanyang Securities. He stated, "As I have caused concern for many, I will carry out my responsibilities with a serious attitude until the end," and added, "Once again, I apologize and promise to proceed more reflectively and seriously."