Kyobo Securities dismissed Park, its Wealth Management (WM) division head, following disciplinary action for a 6-month salary reduction and mutual respect violation. The dismissal occurred approximately 10 months after Park was appointed to the role last September. The leadership change comes as Kyobo Securities pursues extensive retail and asset management restructuring aimed at achieving 3 trillion won in capital by 2029 to obtain a comprehensive financial investment business license.
Kyobo Securities Dismisses WM Division Head Following Disciplinary Action
Kyobo Securities recently dismissed Park from the WM division head position. The dismissal reasons cited were a 6-month salary reduction disciplinary measure and mutual respect violation. Park, an internal promotion with field experience including roles as branch manager at Beopjo Town, Samsung Town, and Gangbuk Region 2 manager, was appointed WM division head last September after the resignation of former head Kim Sang-gyu. The appointment aimed to stabilize the organization and strengthen connections between retail and asset management operations.
Kyobo Securities Restructures WM Operations Toward 2029 Capital Goal
Kyobo Securities has pursued large-scale organizational restructuring to strengthen its WM business. In 2023, the company reorganized its Customer Asset Management Department into the IPS (Investment Product & Service) division to establish a retail sales framework. At the end of last year, Kyobo Securities created an Asset Management Division overseeing both the WM division and IPS division, appointing Executive Director Jo Seong-ho as division head. The sales organization was also streamlined from a 5-region structure to a dual Regional Headquarters system to improve organizational efficiency. These restructuring efforts reflect the company's strategic goal to achieve 3 trillion won in equity capital by 2029 to obtain a comprehensive financial investment business license by expanding retail channels and customer base.
Company Confirms Director Retains Position Despite Dismissal
A Kyobo Securities official stated the company cannot confirm specific details regarding individual disciplinary matters. The official clarified that the action was dismissal from the WM division head position, not termination of employment, and Park continues working while retaining director-level status. The official added that the successor division head position currently remains vacant.
FAQ
Why was Kyobo Securities' WM division head dismissed?
The dismissal followed disciplinary action consisting of a 6-month salary reduction and mutual respect violation. Park was removed from the WM division head position approximately 10 months after appointment last September, though retaining director-level status within the company.
What organizational changes has Kyobo Securities made in its WM business?
Kyobo Securities reorganized its Customer Asset Management Department into an IPS division in 2023, created an Asset Management Division overseeing WM and IPS operations at the end of last year, and streamlined its sales organization from 5 regions to 2 Regional Headquarters. These changes support the company's goal to achieve 3 trillion won in capital by 2029 for a comprehensive financial investment business license.
