Kyobo Securities is set to launch a dual CEO system to strengthen the company’s two business pillars -- investment banking and wealth management -- the company said Wednesday.

The board of directors approved the nomination of Park Bong-kweon, the former vice president of Kyobo Life Insurance, as the firm’s new CEO in charge of wealth management. Park’s CEO designation will be finalized at the general meeting of stockholders in March.

The securities firm has been led by incumbent CEO Kim Hae-joon for the past 12 years. Under the co-CEO system, Kim will focus on the company’s investment banking growth strategy. Kim will be seeking his seventh term as CEO at the general shareholders’ meeting next month.

By Jie Ye-eun (yeeun@heraldcorp.com)