Welcome Financial VC Welcome Ventures CEO, Effectively Dismissed After About One Year

Change to CEO Kwanggon Yoo from Welcome F&D
Owner Son Daehee, Welcome F&D Vice President, Influences CEO Appointment

The head of Welcome Ventures, the corporate venture capital (CVC) led by Welcome Financial Group, has changed. Since it has been less than a year since its establishment, the background is attracting attention.

According to the investment banking (IB) industry on the 18th, No Hee-seop, the first head of Welcome Ventures, recently left the company. No was the inaugural CEO since Welcome Ventures was established in April last year. He previously served as head of KT NexR, general manager of the Shinsegae I&C task force, Jeju Island's Informatization Officer, and Jeju Island's Future Strategy Director. He has built a career spanning both the private and public sectors.

The industry is focusing on the fact that No did not last more than a year before leaving. Following No, the next CEO is Yoo Kwang-gon, who came from Welcome F&D, an affiliate of Welcome Financial Group. An IB industry insider said, “No was effectively dismissed,” adding, “Yoo, who recently joined, is from Welcome Financial but is far from venture capital.” The insider also said, “Many see Yoo as effectively a temporary appointee,” and “Once a suitable CEO-level candidate is found, the CEO will change again.”

Welcome Ventures, the 31st affiliate of Welcome Financial Group, is an investment company primarily engaged in investing in new technology businesses, founders, and startup companies. The entire 5 billion KRW capital for Welcome Ventures was invested by the holding company DS Holdings. Son Dae-hee, vice president of Welcome F&D and eldest son of Son Jong-joo, chairman of Welcome Financial Group, controls Welcome Ventures through DS Holdings, which he owns 100% of the shares. Son is also listed as a non-executive director of Welcome Ventures.

Under DS Holdings are rental company Welix Rental and lending company Welix F&I, among others. With the succession of management rights of Welcome Financial Group effectively completed in favor of Vice President Son, his control has been further strengthened by acquiring Welcome Ventures as well. For this reason, the industry expects Vice President Son’s influence to play a role in the appointment of the CEO of Welcome Ventures.

Currently, Welcome Ventures is managing the ‘Welcome Ventures Mo Fund No. 1’ with a scale of 30 billion KRW. This fund was established last year, with affiliates within Welcome Financial Group participating as limited partners (LPs). It is a fund raised solely with the capital of group affiliates.

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