Jung Young-chae, CEO of NH Investment & Securities, "Will Leave the Company After the General Meeting"

Jung Young-chae, CEO of NH Investment & Securities whose term expires this month, will step down without seeking reappointment.

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On the 4th, Jung Young-chae posted on Facebook, "I will fulfill my role until this shareholders' meeting and then leave the company," adding, "There have been many discussions for a while, but I have decided that now is the right time to organize myself."

Jung said, "I started as head of Corporate Finance (IB) in 2005 and have spent nearly 20 years as CEO," reflecting, "I often reflect on whether I have done things properly." He added, "Now it seems our company needs to take another leap forward. With a new color, a better culture, and organization..."

He also mentioned the difficulties of being a CEO of a financial investment company. Jung stated, "Being a CEO of a financial investment firm is truly a challenging position," explaining, "First, you must have a deep understanding of the capital market and constantly think about the future and customers. Unlike other financial industries, you exist in the market and must respond to continuous changes and price discovery demands. Moment-to-moment decisions are linked to the rise and fall of the organization, requiring faster and more accurate judgments than other industries." He added, "I believe whoever becomes the next CEO will be more capable than I am."

Currently, the NH Investment & Securities Board's Executive Nomination Committee is working on selecting the next president, and Jung is on the first long list. The committee is expected to finalize the short list within this week and select the final candidate next week. Internally, considering the solid performance and the recent court ruling granting a provisional injunction against the Financial Services Commission's heavy disciplinary action, some predicted a favorable atmosphere for reappointment. However, Jung chose to forgo reappointment and leave.

Jung has served as CEO of NH Investment & Securities since 2018 and was reappointed consecutively in 2020 and 2022. In November last year, his fourth term was halted after receiving a disciplinary warning from the Financial Services Commission due to the Optimus scandal. If the disciplinary warning is finalized, he would be barred from working in the financial sector for 3 to 5 years. Jung filed for a provisional injunction against the disciplinary warning, and last month, the Seoul Administrative Court granted it.

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