Kyobo's Jeon Jeongbeom and Mirae Asset's Kim Pyeonggyu... New Co-CEO System Launched

Kyobo, from Two-Person to Three-Person System
Mirae Asset, CEO Byeon Jaesang Divides Management and Sales Responsibilities

Pyeon Jeong-beom, Vice President of Kyobo Life Insurance

[Asia Economy Reporter Oh Hyung-gil] Insurance companies such as Kyobo Life Insurance and Mirae Asset Life Insurance are launching new co-CEO systems. This move is interpreted as an effort to leverage expertise and strengthen responsible management through swift decision-making in the process of digital transformation and the separation of insurance manufacturing and sales.

According to the insurance industry on the 12th, Kyobo Life Insurance plans to appoint Vice President Pyeon Jeong-beom as CEO at the regular shareholders' meeting and board of directors meeting on the 26th. The current two-CEO system with Chairman Shin Chang-jae and CEO Yun Yeol-hyun will change to a three-CEO system.

Vice President Pyeon, born in 1962, joined Kyobo Life Insurance in 1988 and is a seasoned Kyobo man who has held positions such as Head of the Central FP Headquarters, Channel Planning Team Leader, and Strategic Planning Team Leader. Since 2018, he has played a pivotal role in the insurance sales division as Vice President in charge of channels.

The Kyobo Life Insurance Executive Recommendation Committee stated about Vice President Pyeon, "He possesses strategic capabilities and insights based on extensive experience in insurance sales and strategic planning as well as digital-related knowledge. He also has personal qualities and attributes as a top executive, including rational judgment, pursuit of innovation, and internal control management."

The division of duties among the three CEOs will be decided later. Currently, Chairman Shin is in charge of new businesses such as digital transformation and asset management, and CEO Yun Yeol-hyun oversees overall insurance sales. A Kyobo Life Insurance official said, "With the appointment of Vice President Pyeon, coordination among the CEOs will be arranged," adding, "Specific details of the division of duties will be finalized after the shareholders' meeting."

Kim Pyeong-gyu, Executive Director at Mirae Asset Life Insurance

Mirae Asset Life Insurance, which newly launched the sales-specialized subsidiary Mirae Asset Financial Services on the 8th, will continue with a co-CEO system.

At the shareholders' meeting on the 24th of this month, Mirae Asset Life Insurance will appoint Executive Director Kim Pyeong-gyu, who will replace Vice Chairman Ha Man-deok who moved to Mirae Asset Financial Services, as CEO. This will be a two-CEO system with CEO Byun Jae-sang, who succeeded in his reappointment.

CEO Byun and Executive Director Kim will be responsible for management and overall sales, respectively.

Born in 1964, Executive Director Kim served as Head of Marketing Planning Headquarters and Head of Seoul Regional Headquarters at Mirae Asset Life Insurance, then as General Executive Officer of Mirae Asset Financial Services, and CEO of Mirae Asset Mobile. Since 2019, he has been recognized for his sales expertise while serving as Head of the Corporate Agency (GA) Sales Division.

Korean Re will also transition to a sibling management system by nominating Senior Advisor Won Jong-ik, the elder brother of CEO Won Jong-gyu, as an inside director candidate at the regular shareholders' meeting on the 26th. Senior Advisor Won has experience as a manager at Daelim Industrial and has been responsible for Korean Re’s technical insurance underwriting review and loss adjustment consulting.

In the insurance industry, many professional managers prefer co-CEO systems. Hyundai Marine & Fire Insurance has maintained a co-CEO system with Cho Yong-il and Lee Sung-jae since March last year, following former Vice Chairman Lee Cheol-young and former CEO Park Chan-jong, excluding Chairman Chung Mong-yoon.

Another advantage is that having many long-serving CEOs minimizes confusion caused by generational change. Yeoh Seung-joo, CEO of Hanwha Life Insurance, shared a co-CEO system with former Vice Chairman Cha Nam-gyu for one year starting in 2019, and after Cha’s retirement last year, Yeoh became the sole CEO.

This content was produced with the assistance of AI translation services.