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Korea Exchange Bank dismissed all nine of its executives Monday, under the business policy of its new CEO Yun Yong-ro to revamp management structure.
His move comes a month after financial regulators endorsed Hana Financial Group’s takeover of KEB from Lone Star Funds.
Yun, the first KEB CEO under the wing of Hana Financial, notified the nine executives, including four deputy CEOs, that their terms would not be extended.
The executives were at their posts during Lone Star’s management of the bank from October 2003 to early February 2012.
The bank plans to choose people to fill the vacant posts at a board of directors meeting in about two weeks.
Several figures from Hana Financial will likely be appointed to some of the nine KEB executive posts, according to sources.
In a similar vein, KEB conducted a reshuffle of its business division structure with the appointment of 20 managerial figures to new managerial posts on the same day.
“The revamping of divisions is focused on strategic interchanges between the staff of Hana Financial and KEB,” a bank spokesman said.
Yun has said KEB should restore its traditional competitiveness in foreign currency trading and overseas operations.
The new CEO also pledged that he would carry out fair personnel policies and push for enhanced corporate structure.
He formerly served as CEO of the state-run Industrial Bank of Korea. Yun also worked as vice chairman of the Financial Services Commission and chief of the Securities & Futures Commission, an arm of the FSC.
In March 2011, Hana Financial, which was waiting for regulatory approval on its acquisition of KEB, chose Yun as president and CEO of the lender.
By Kim Yon-se (kys@heraldcorp.com)
His move comes a month after financial regulators endorsed Hana Financial Group’s takeover of KEB from Lone Star Funds.
Yun, the first KEB CEO under the wing of Hana Financial, notified the nine executives, including four deputy CEOs, that their terms would not be extended.
The executives were at their posts during Lone Star’s management of the bank from October 2003 to early February 2012.
The bank plans to choose people to fill the vacant posts at a board of directors meeting in about two weeks.
Several figures from Hana Financial will likely be appointed to some of the nine KEB executive posts, according to sources.
In a similar vein, KEB conducted a reshuffle of its business division structure with the appointment of 20 managerial figures to new managerial posts on the same day.
“The revamping of divisions is focused on strategic interchanges between the staff of Hana Financial and KEB,” a bank spokesman said.
Yun has said KEB should restore its traditional competitiveness in foreign currency trading and overseas operations.
The new CEO also pledged that he would carry out fair personnel policies and push for enhanced corporate structure.
He formerly served as CEO of the state-run Industrial Bank of Korea. Yun also worked as vice chairman of the Financial Services Commission and chief of the Securities & Futures Commission, an arm of the FSC.
In March 2011, Hana Financial, which was waiting for regulatory approval on its acquisition of KEB, chose Yun as president and CEO of the lender.
By Kim Yon-se (kys@heraldcorp.com)
