Korea Investment & Securities Co.’s chief executive officer Yoo Sang-ho has been reappointed to a 11th term, becoming a CEO rarity in the South Korean financial industry to serve more than a decade.
The company announced in a disclosure on Thursday that its nomination committee tapped Yoo as the sole candidate for CEO. The reappointment is subject to approval at a shareholders’ meeting to be held on March 22.
Yoo has kept to the position since he began his first term in 2007, which is extraordinary given the CEO life in the industry averages three years.
Under his helm, the company made a stunning rise. Its net profit of 525.3 billion won ($491 million) last year reached a historic-high and enabled it to become the first brokerage in the country to receive a license to issue and sell registered promissory notes to retail investors.
Yoo began his career at Hanil Bank, a predecessor of Woori Bank, and served executive roles in Daewoo Securities and Meritz Securities. He joined Korea Investment & Securities in 2002 and ascended to the chief post as the youngest CEO of local brokerages in 2007 when he was 47.
On the same day, Korea Investment & Securities also decided to pay out cash dividends of 230.2 billion won, 6,550 won per common share. Korea Investment Holdings owning a full state in Korea Investment & Securities also announced that it will pay cash dividends of 1,600 won per share. Its dividend payout ratio reached 2.07 percent based on the closing price of 77,100 won on Thursday.
As of 12:42 p.m. on Friday, shares of Korea Investment Holdings rose 7.52 percent to 82,900 won.
By Hong Jang-won and Choi Mira
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