Park Jung-rim, CEO of KB Securities, Voluntarily Resigns as Head of Holding Company Division

Park Jeong-rim, CEO of KB Securities, who recently received a severe disciplinary action from the financial authorities regarding the incomplete sale of Lime Fund, has voluntarily resigned from his position as the Head of KB Financial Group's General Division.

According to KB Securities on the 5th, Park stepped down from his concurrent position as the Head of the General Division of the holding company on the 30th of last month.

Earlier, on the 29th of last month, the Financial Services Commission imposed a three-month suspension on Park for violating internal control standards related to the Lime Fund incident. This disciplinary action is more severe than the "reprimand warning" issued by the Financial Supervisory Service in 2020. The levels of disciplinary actions against financial company executives are divided into five stages: ▲recommendation for dismissal ▲suspension ▲reprimand warning ▲cautionary warning ▲caution. Among these, disciplinary actions of reprimand warning or higher restrict reappointment and employment in the financial sector for 3 to 5 years, thus classified as severe disciplinary actions. After the notification of the Financial Commission's disciplinary action, Park's duties were immediately suspended, but his term, which lasts until the end of this month, remains unchanged.

Park has not expressed any intention to resign from his CEO position at KB Securities separately, but it is expected that he will step down at the end of his term this month. Park has served as the CEO of KB Securities for four years, having his term extended by one year at the end of last year.