Na Jae-chul, CEO of medium-sized brokerage Daishin Securities, was elected as new chairman of the Korea Financial Investment Association on Friday.

Starting from Jan. 1, the 60-year-old will serve his three-year term as the fifth chairman of the leading nonprofit, self-regulatory financial organization in South Korea.

According to Kofia, Na earned 221 of 295 votes, beating out KTB Asset Management Vice Chairman Jung Ki-seung and former IBK Securities CEO Shin Seong-ho.

Na has been the head of Daishin Securities since 2012. He also has served as a board director of Kofia member firms for three consecutive years.

“To enhance the level of Korea’s capital market and a big leap of financial investment businesses, I will communicate with the industry much more. Further, I will work hard in the field to realize policies that I have vowed and to solve problems that we’re facing,” Na said.

“Doing so, I will do my best to contribute to not just the development of the capital market and industry in the country, but also growth of companies and the national economy,” he added.

By Jie Ye-eun (yeeun@heraldcorp.com)