KB Securities CEOs to step down as term comes to end

From left: Yoon Kyung-eun, Chun Byoung-jo

The incumbent CEOs of KB Securities offered to resign late Monday ahead of the end of their term this month, according to the securities company.

Yoon Kyung-eun and Chun Byoung-jo will step down as co-CEOs of the brokerage after heading the company for two years, rather than seeking a second term. A candidate selection committee at KB Financial Group, a holdings unit of KB Securities, will go on to nominate a new CEO.

The two heads - Yoon from Hyundai Securities and Chun from KB Investment & Securities - are credited with smoothly leading KB Securities after the merger between the two companies back in 2016.

The company declined to say why the two refrained from seeking a second term, but an industry source said that the company will likely have a single leader at the top after the transition period.

“They played an important role in combining the two units and it is known that the company seeks a new leader to take a leap forward,” a source in the investment industry said.

By Park Eun-jee