Meritz carries out reshuffle for group synergy

Meritz Financial Group announced a major reshuffle at the executive level on Monday to maximize its group-wide synergy, following the consolidation of its affiliates Meritz Fire & Marine Insurance and Meritz Securities earlier this year.

Vice Chairman Kim Yong-beom, who was the CEO at both Meritz Financial Group and Meritz Fire & Marine Insurance, has stepped down from his post at the insurer to focus on leading the group through its holdings company and managing the group’s overall financing.

Vice Chairman Choi Alexander Hi-moon, CEO of Meritz Securities, has also stepped down from his position at the group's brokerage arm, joining the holdings company to manage the group’s total assets.

Through the reshuffle, Kim and Choi, who have been leading the group’s affiliates since 2015 and 2010, respectively, are to take charge of the group's overall operations.

Meanwhile, as Kim and Choi have stepped down from their post, Meritz Fire & Marine Insurance and Meritz Securities have new CEOs, representing a generational change in leadership, the finance group said.

Kim Joong-hyun, executive director at the insurer, has been appointed as the insurer’s new CEO. Kim has also been promoted to the position of vice president. Jang Won-jae, who was in charge of running the sales and trading division at Meritz Securities, will lead the brokerage arm.

After announcing plans to incorporate its securities and insurance affiliates as its wholly owned subsidiaries in November last year, the firm completed the procedure in April and became a major financial conglomerate in Korea, though it does not have a banking arm.

The latest reshuffle decision was made through a board meeting Monday, marking the first anniversary since its “one Meritz” strategy was launched last year. The strategy aims to strengthen the group's governance structure through the incorporation of its affiliates.