Milton Kim, the dynamic young CEO of Good Morning Securities, has announced that he is to leave the firm after 12 years of service. This should be a blow to the firm as Kim is widely credited with turning the brokerage around since his appointment as CEO in 1998. In fiscal 1998, the firm made a loss of W130 billion ($116.6 million) compared with a profit of W204 billion last year.
Good Morning was formerly called Ssangyong Investment and Securities, and was the securities arm of the Ssangyong Group, which is controlled by Kim's family. Milton, one of the younger brothers of the family, was educated in the west and spent much of his early career there. His appointment as CEO of the securities company came after it nearly faced bankruptcy in the Korean financial crisis of 1997/98. He quickly cut the links between the firm and the rest of the group, changed the name of the firm to Good Morning Securities - an English name - and then set about transforming the internal workings of the securities house so that it concentrated on profit not market share. The results have been astounding and the announcement that he is to leave should be something of a blow to the firm.
Kim is to leave the world of stockbroking for the world of streaming media, although it is unclear exactly what he will do or who he will work for. However, if the rumours that he has made over $200 million during his turnaround of the firm are correct, then he can take his time in looking for new opportunities.