Daewoo Securities Co. board of directors confirmed new president Hong Seong-kook’s designation as the CEO to succeed former president Kim Ki-beom, who resigned in July, the company said recently.
Hong will be the first career Daewoo Securities man to head the company as the CEO pending shareholder approval in their meeting scheduled for Dec. 12.
The new CEO joined Daewoo Securities soon after his graduation from Sogang University in Seoul in 1986 and remained with the company for around 28 years, handling important positions at the including manager of the Investment Analysis Department; Managing Director of the Home Sales Marketing Headquarters; and the head of the Research Department, among others.
He is known inside the company as “Research Man” as he worked for the research department for most of his time with the company.
From April 2000, he took charge of the Investment Analysis Department, restoring the securities firm’s public trust and providing correct analytical support for the company’s investment activities.
The new CEO’s major task would revolve around boosting the value of the company to sell it.
Hong has to overcome the criticism in some securities circles that he is an alumni of President Park Geun-hye, who also graduated from Sogang University and the appointment is related to his connections. He also has to restructure the company as planned by KDB Financial Group, which owns the company.
The process of his appointment as CEO has had many problems, with a shareholder meeting put off twice due to a number of the letters and allegations against some of the candidacies.
The president-designate said he could only do his best to further develop the capital market in Korea together with the executives of the company when his appointment becomes official.
The Code of Ethics is high-standard set of principles on par with global standards.
“We, all the officers and employees of KDB Daewoo Securities, eradicate unethical conduct by practicing principle-based businesses, and endeavor to enhance corporate values and to contribute to the sound development of the financial market by customer-, employee- and shareholder-based ethical management,” an official said. “The Code of Ethics is the standard for our value judgments and conduct, and we have duties and obligations to comply with and practice it. By actively practicing Code of Ethics, we make KDB Daewoo Securities born again as the one with the highest ethical standard in Korea and solidify its foundation as a leading company with trustworthiness and respect.”
All the officers and employees of KDB Daewoo Securities think and behave from a customer’s point of view, with a belief that customers are the very foundation on which KDB Daewoo Securities stands and the reason for its success.
“We create and provide a full range of valuable services by fair and active methods to fulfill the needs of our valued customers and take it as our top-prioritized mission,” the official added. “Customer’s satisfaction is the highest standard for our value judgments and conduct. We shall grasp customers’ needs and understand customers by constantly enhancing customer relations.”
“Based on our honesty and trustworthiness and by providing the highest quality services, we shall do our utmost to achieve total customer satisfaction. As a faithful manager for customers’ assets, we shall not sacrifice customers’ values for corporate or personal benefits.”
