South Korean financial group Korea Investment Holdings announced Thursday that it has selected Kim Sung-hwan, the executive vice president and head of private customer business of its brokerage subsidiary Korea Investment & Securities, as the final candidate for the brokerage firm’s CEO position.

Kim, born in 1969, joined Korea Investment & Securities in 2004 after working at LG Investment & Securities for about three years. He is recognized for his expertise in overseeing various sectors, including project finance, bond utilization, corporate finance, management planning and retail finance, according to the Korean brokerage firm.

As part of the reshuffle, Jung Il-moon, who had served as the CEO of Korea Investment & Securities for the past five years, has been selected as the company’s vice chairman.

Jeon Chan-woo, who currently leads the retail business at banking subsidiary Korea Investment Savings Bank, has been selected to be CEO of the second-tier bank.

Born in 1970, Jeon joined the savings bank in 2001 and has accumulated experience in lender operations, product development and planning. He played a key role in developing crucial revenue-generating loan products for the lender.

A Korea Investment Holdings official explained that the restructuring aimed to maintain stability and continuity in management while swiftly adapting to changes in the financial environment.

The final appointments for the group's three management positions are expected to be completed by the end of this year.

“The annual general meeting is scheduled for March next year, but we anticipate an interim meeting that will finalize the appointments by the end of this year,” an official of Korea Investment & Securities said.