Mirae Asset reshuffles management to bolster global operation

Clockwise from top left are Mirae Asset Securities Vice Chairmen Kim Mi-seob, Heo Sun-ho and Rhee Jung-ho; Mirae Asset Life Insurance Vice Chairman Kim Jae-sik; and Mirae Asset Global Investments Vice Chairmen Swarup Mohanty and Lee Jun-yong. Newsis

Mirae Asset Financial Group has undergone a significant management reshuffle, aiming to bolster its competitiveness in the global market. Key founding members, including Mirae Asset Securities Chairman Choi Hyun-man, have stepped back, while six individuals in their 50s have ascended to vice chairman roles.

Following the announcement on Monday, Mirae Asset Securities President Kim Mi-seob, Heo Sun-ho and Rhee Jung-ho were promoted to vice chairman positions. Kim is set to lead the overall securities business. Heo will oversee the wealth management division, while Rhee is expected to play a key role in global operations based on his experience in Hong Kong.

Mirae Asset Global Investments President Lee Jun-yong, Mirae Asset Life Insurance President Kim Jae-sik and Swarup Mohanty, head of the investment firm's Indian branch, have also been elevated to vice chairman roles within their respective subsidiaries.

Consequently, founding members, including Choi Hyun-man, Mirae Asset Securities Vice Chairman Cho Woong-gi and Mirae Asset Global Investments Vice Chairman Choi Kyeong-joo will step down from their positions.

Mirae Asset Financial Group Chairman Park Hyeon-joo / Courtesy of Mirae Asset Financial Group

The impetus for Mirae Asset's restructuring stems from an acute sense of impending challenges. Its once-thriving overseas real estate ventures now face heightened risks due to global economic turbulence. The group believes navigating the future without embracing change and innovation would be a tough endeavor.

"These personnel shifts are a proactive response to the rapidly changing global economic landscape and are designed to lay the groundwork for the group's century-long legacy," the group explained. "From our cultivated talent pool, we've selected leaders endowed with vision and competence."

For Park Hyeon-joo, the group's founder and chairman, making the decision was far from simple. He expressed "personal agony and regret" over the decision to elevate vice chairmen in their 50s to frontline leadership roles while asking the group's foundational figures to step back.

Among these foundational figures is Choi Hyun-man, who co-founded the group in 1997. He is credited with playing an instrumental role in the group's rise, propelling it to become the leading financial investment company in Korea with 11 trillion won worth of equity capital.

Former Mirae Asset Securities Chairman Choi Hyun-man / Courtesy of Mirae Asset Financial Group

"I cherish the moments when I shared a profound bond of trust with the founding members. As they step back, I extend my deepest respect for their unwavering commitment to the group," Park remarked.

The first-generation leadership is slated to serve as the group's advisers, continuing to shape its trajectory.

What's notable is that many of the executives who participated in the Global Advanced Management Program, introduced by Park last June to nurture the next generation of leaders, have been included in this round of promotions. Out of the eight initial trainees, three, including Kim Mi-seob, have been promoted.

The group noted that this round of promotions not only represents a decisive generational shift, emphasizing performance and expertise, but also marks the initiation of the second generation of professional management.