Won Jong-seok, chairman of Shinyoung Securities, is expected to step down from his position at the regular shareholders' meeting next month.
According to the financial investment industry on the 29th, Shinyoung Securities decided not to present Chairman Won's reappointment proposal at the regular shareholders' meeting scheduled for June.
Chairman Won will resign from the CEO position but is expected to lead the company as the chairperson of the board while retaining the registered director position with major equity (8.19%).
The official reason for returning the CEO position has not been disclosed, but it is interpreted that the accountability structure to be applied from July, following the authorities' recommendations, is also influential. The accountability structure clearly defines the responsibilities and roles of financial institution executives by their positions and will be applied to securities firms and insurance companies starting from July 3.
Chairman Won is stepping down 20 years after first assuming the CEO position in 2005. He has held the chairmanship for five years.