- Push-out Score suggests push-out forces
- After about six years in the position
- Praise and thanks for Kum
- Search for a successor
- Kum spoke at length and said 126 words
(exechange) — Los Angeles, California, June 15, 2018 — C.G. Kum, chief executive of Hanmi, leaves. As announced by Hanmi Financial Corporation in a news release and in a regulatory filing published on Friday, June 15, 2018, Chong Guk (C.G.) Kum, Chief Executive Officer, leaves the holding company for Hanmi Bank after about six years in the role, effective in May of 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange.
Hanmi will undertake a search for a successor.
It is a long goodbye. The announcement of Kum’s move comes up to 11 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
Kum’s move is part of a management shake-up also involving the position of President.
“It is the right time for me to make this change”
The management change is explained as follows. Kum said: “My decision to retire from the Bank has not been an easy one, but after careful consideration, I believe it is the right time for me to make this change.”
Precise information about Kum’s future plans was not immediately available.
Hanmi said: “Mr. C. G. Kum, Chief Executive Officer, will retire from the Bank in May of 2019.”
Share price decline
The change follows a decline in the share price of Hanmi Financial Corporation since December 2016.
Chaired by Joseph K. Rho
Hanmi Financial Corporation is chaired by Joseph K. Rho.
In the position of CEO since 2013
Kum has been the Chief Executive Officer and President of Hanmi Financial Corporation and Hanmi Bank since June 11, 2013.
Kum is the President and Chief Executive Officer of Hanmi and Hanmi Bank (June 2013 to present).
Prior to his current role, he served as the President and Chief Executive Officer of First California Financial Group and its subsidiary First California Bank (September 1999 to May 2013), on the boards of First California Financial Group and First California Bank and as President of the board of directors of Community Bankers of California.
He currently is a member of the board of directors of the California Bankers Association and has served on numerous boards of nonprofit organizations, including the United Way and Boys Scouts of America of Ventura County.
Kum earned his undergraduate degree from the University of California, Berkeley and his M.B.A. degree from Pepperdine University.
As a general rule, when a top manager announces to step aside with no successor in place, it is a sign that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered C.G. Kum’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 25.2018 ($).