Yuanta Securities Korea has appointed Yuanta Financial Holdings Chief Corporate Banking Officer (CCBO) Kuo Ming-cheng as its new CEO, the firm said Thursday.
The Korean arm of the Taiwanese brokerage held a board meeting March 12 at the firm's headquarters in Seoul where a recommendation committee decided to forward the motion alongside other issues that require shareholders' approval.
He will begin his three-year term upon approval from the regular shareholders' meeting March 29. He will jointly lead the firm with current CEO Suh Myung-suk.
Kuo graduated from University of Texas at Arlington where he earned an MBA.
He served as the Yuanta Financial Holdings CCBO since 2014 before serving as executive vice president at Yuanta Securities Company and as director at Yuanta Securities Asia Financial Services in 2015.
With the new leadership, Yuanta Securities Korea is expected to continue "outstanding" performance following record earnings in 10 years on the back of a balanced business portfolio.
The brokerage house posted a net income of 104.7 billion won ($92 million) in 2018, the most since the firm changed its name from Tongyang Securities in October 2014.
The figure is a 48 percent increase from 70.7 billion won a year earlier. The growth pace is the fastest among those with over 1 trillion won in their own capital.
The previous record income was 182 billion won made by its predecessor Tongyang in 2009.
Yuanta acquired Tongyang Securities in 2014 after the latter suffered a net loss of 169.5 billion won in 2014 in the wake of the so-called "Tongyang fiasco" caused by the "incomplete" sale of corporate bonds and commercial papers of the group's cash-strapped loss-making affiliates to individual investors.