[Alpha Biz=(Chicago) Reporter Paul Lee] Hwang Hyun-soon, president of Kiwoom Securities, expressed his intention to resign. It is said to be responsible for the recent unpaid bills of Youngpoong Paper.

"President Hwang conveyed his intention to resign to the board of directors to take moral responsibility for the occurrence of massive outstanding bonds," Kiwoom Securities said in a press release on the 9th. "The board meeting will discuss follow-up procedures following Hwang's intention to resign." Kiwoom Securities' regular board meeting is scheduled to be held on the 16th of this month.

After joining Kiwoom Securities in 2000, Hwang was appointed CEO in January 2022 after serving as head of a local subsidiary in China, head of Kiwoom Securities' investment management division, head of the retail and strategic planning division and head of the group's strategic management office. Hwang was re-elected in March this year, but Kiwoom Securities has been embroiled in a series of stock price manipulation scandals this year and will step down after eight months without completing his term until March 2026.

Kiwoom Securities will reportedly suffer more than 400 billion won in losses due to the Youngpoong Paper crisis.

 

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