CEO Im Jaetaek, who predicted Daol行, says "I will stay with Hanyang Securities"

Im Jae-taek, the CEO of Hanyang Securities who had announced a new challenge as the incoming CEO of Daol Investment & Securities starting next month, has decided to remain with the company and retain his position as CEO. This change of stance came as concerns over a management vacuum grew following the sudden possibility of KCGI's acquisition of Hanyang Securities falling through. Im chose not to leave the company where he has worked for over seven years.

Jae-Taek Lim, President of IM Investment & Securities

On the afternoon of the 14th, Im sent a message to attending reporters stating, "For various reasons, I have changed the decision to move to Daol Investment & Securities and will maintain my position as CEO of Hanyang Securities." He added, "This decision is not simply due to personal reasons but is the result of a thorough review of various variables related to mergers and acquisitions (M&A) and my roles and responsibilities as the current CEO."

He revealed, "Hanyang Securities currently stands at a new crossroads in its M&A process due to unexpected variables. During this M&A process at the company I am part of, I have been unable to sleep many nights, deeply troubled by the many practical and legal constraints involved in a top executive leaving the company at such a critical time without fulfilling their duties."

He also said, "I have taken seriously the foundation’s expectation that the current management must stay during the most difficult times," and added, "the management, including myself, shares the recognition that it is more important to fulfill our roles for the stability of the organization rather than personal positions or interests, especially to minimize the uncertainties that arise from a change in the major shareholder."

This is analyzed to be due to the recent special tax investigation by the National Tax Service on KCGI, a private equity fund (PEF) firm that was a strong candidate to become the new owner of Hanyang Securities, which has increased the likelihood that it will not pass the financial authorities’ suitability review for major shareholders.

In particular, Im expressed deep apologies to Lee Byung-chul, chairman of Daol Financial Group, and the employees. He said, "Although you trusted me despite my shortcomings and reached out to work together, I have no words to offer when I think about the considerable confusion caused by my sudden change in position."

He further emphasized, "I vow that, having caused concern to so many people, I will fulfill my duties with a solemn attitude until the end and devote all my capabilities to ensuring the successful completion of Hanyang Securities’ M&A, which is the foundation’s greatest task." He added, "Once again, I ask for your understanding regarding this matter and promise to proceed more prudently with deep reflection."