By Yi Whan-woo
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| Yang Hong-seok, the third-generation heir of Daishin Financial Group / Yonhap |
The group said Vice Chairman Yang, 42, has been named to chair the board of directors at its flagship affiliate Daishin Securities. The decision was made during the annual meeting of shareholders of the brokerage house last month.
The board had been led by Daishin Financial Group Chairwoman Lee Auh-ryung, who is Yang's mother.
"Yang's replacement of Lee implicitly suggests he will soon take over his aging mother's role as the group's top leader," an industry source said.
The source pointed out that Lee, formerly a housewife, will turn 70 years old in September. After the death of her husband, Yang Hye-moon, in 2004, she took the helm at Daishin Securities and the group's smaller affiliates.
The late Yang was the second-generation leader of Daishin Securities after his father and the firm's founder Yang Jae-bong.
The founder passed away six years after his son's death.
The third-generation heir became the vice chairman last year, after joining Daishin Securities in 2007 and climbing up the ladder fast.
As its largest shareholder, He holds a 10.19 percent stake in Daishin Securities. He holds a bachelor's degree in business from Seoul National University.
Founded in 1962, Daishin Securities is one of the pioneers of the country's brokerage industry.
The company became large enough to become a financial group in 1990 following the launch of Daishin Economic Research Institute, Daishin Asset Management and other subsidiaries.
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