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Hwang Hyun-soon, former CEO of Kiwoom Securities (photo=Kiwoom Securities) |
[Alpha Biz= Reporter Kim Sangjin] Hwang Hyun-soon, who stepped down as CEO of Kiwoom Securities due to the unpaid receivables issue involving Youngpoong Paper, received a total of 1.4 billion won in compensation for the first half of this year. This amount includes approximately 1.2 billion won in severance pay, 135 million won in salary for January to March, 60 million won in bonuses, and around 20 million won in other income.
Hwang received the highest compensation among Kiwoom Securities executives, surpassing Kim Dae-wook, head of the S&T Solutions Division (988 million won), and former Vice President Park Yeon-chae (923 million won).
Hwang had announced his resignation in November last year in response to the Yeongpung Paper receivables issue. He remained as a non-registered CEO to facilitate the transition until March of this year, after which he fully departed from Kiwoom Securities. He is currently serving as the CEO of the human resources firm, Saramin, part of the Daou Kiwoom Group.
The Youngpoong Paper receivables issue arose from Kiwoom Securities' decision to maintain a lower margin rate for Youngpoong Paper compared to other securities firms, which had raised their rates to 100%. Kiwoom Securities, however, kept the margin rate at 40%, leading to 4.943 billion won in unpaid receivables. Despite attempts to recover the funds through forced sales after Youngpoong Paper resumed trading, only 610 million won was recovered due to the stock's consecutive price drops following its resumption.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
