Latest news with #ExecutiveCandidateRecommendationCommittee
Korea Herald
05-03-2025
- Business
- Korea Herald
Kakao Bank CEO wins fifth term, eyes global expansion
Yun Ho-young, 54, has been reappointed as CEO of Kakao Bank for a fifth term, reinforcing his leadership at South Korea's leading internet-only lender, known for expanding its business beyond domestic borders, the company announced. On Tuesday, Kakao Bank, the banking arm of tech giant Kakao Corp., disclosed in a regulatory filing that its Executive Candidate Recommendation Committee had selected incumbent CEO Yun as the sole candidate for the position. His reappointment will be finalized at a shareholders' meeting on March 26. Yun's current term expires on March 28, and upon approval, he will serve for another two years. Yun began his career in 1995 at Daehan Fire & Marine Insurance before moving to non-life insurer ERGO Daumdirect. In 2009, he joined Daum Communications (later acquired by Kakao) and, in 2014, was appointed vice president of Kakao, where he played a pivotal role in launching Kakao Bank in 2017. 'Yun has spearheaded Kakao Bank's global expansion, a first for an internet-only lender,' the Executive Candidate Recommendation Committee stated in the filing, highlighting the bank's ventures in Indonesia and Thailand. In Indonesia, Kakao Bank holds a 10 percent stake in virtual lender Superbank, an investment made in partnership with Southeast Asia's largest mobility platform operator, Grab. Additionally, the lender has teamed up with a leading financial services provider in Thailand, SCBX, to launch a digital bank in the country. The consortium aims to secure a banking license by 2026. 'If Kakao Bank successfully enters Thailand, a country that has restricted access to Korean financial firms since the 1997 Asian financial crisis, it will mark a major turning point for the local financial industry,' the committee stated. Under Yun's leadership, Kakao Bank has maintained stable growth. In February, the bank reported record earnings for 2024, posting a net profit of 440 billion won ($300 million) — a 24 percent year-on-year increase.
Korea Herald
21-02-2025
- Business
- Korea Herald
Mirae Asset Securities retains leadership to spur overseas growth
Mirae Asset Securities, South Korea's leading investment bank and securities firm, has decided to retain its two top executives for another term this year, citing their strong performance, particularly in overseas markets. The firm's Executive Candidate Recommendation Committee selected its co-CEOs, Vice Presidents Kim Mi-seob and Heo Sun-ho, for reappointment during a meeting on Thursday. Kim and Heo have jointly led Mirae Asset Securities since their respective appointments as CEOs in October and December 2023. Kim oversees the company's overseas market operations, while Heo manages its retail division. Their current terms run through March. "Since taking the CEO role in 2023, Kim has played a key role in Mirae Asset's global expansion, leading the acquisition of Indian brokerage firm Sharekhan last year," the committee stated. In 2023, Mirae Asset Securities completed its acquisition of Sharekhan Limited, becoming the first Korean company to acquire an Indian brokerage firm. "Heo has demonstrated strong management capabilities, with Mirae Asset becoming the first in the industry to surpass 40 trillion won ($27 billion) in both foreign equities and retirement pension assets," the committee added. In December 2023, Mirae Asset Securities announced that customer-held overseas stock holdings reached 40 trillion won ($27.6 billion). A month earlier, the firm had also hit the 40 trillion won mark in retirement pension assets, setting an industry milestone. The reappointments will be finalized at a shareholders' meeting and board meeting scheduled for March 27. Meanwhile, Mirae Asset Securities' board approved a 146.7 billion won dividend payout and a 136.9 billion won treasury share cancellation during the same meeting. Including stock retirement plans executed earlier in the year, total shareholder returns for 2024 reached a record 367 billion won—the largest in the firm's history. "Guided by our philosophy of honesty and trust, Mirae Asset remains committed to maximizing shareholder value," an official from Mirae Asset Securities stated. "With strong investor confidence, we will continue to pursue growth as a global investment company."
