South Korea’s leading financial conglomerate Mirae Asset Financial Group carried out a massive executive reshuffle on Monday, promoting Kim Mi-seob, president of Mirae Asset Securities Co., and five others to vice-chairman positions. The founding members, including Chairman Choi Hyun-man, Vice Chairman Cho Woong-gi, and President Lee Man-yeol are expected to step down, signaling a generation shift in the leadership.

In the reshuffle, six executives were promoted to vice chairman, including three Mirae Asset Securities Presidents Kim Mi-seob, Heo Sun-ho and Rhee Jung-ho, Mirae Asset Global Investments Co. President Lee Jun-yong, Swarup Mohanty, the head of the investment firm’s Indian asset management subsidiary, and Mirae Asset Life Insurance Co. President Kim Jae-sik.

The newly registered directors and CEOs of each company will be finalized through the nomination of candidates by the Executive Nomination Committee and shareholder approval.

“Generation change has been our biggest concern since our founding 26 years ago,” said Mirae Asset Financial Group founder and Global Strategy Officer Park Hyeon-joo. “We have decided to leave behind personal regrets and emotions and launch a professional management system to prepare for the next 10 years and beyond.”

Kim Mi-seob, formerly the head of Mirae Asset Global Investments, will oversee the global business of Mirae Asset Securities, while Heo Sun-ho will continue to lead the WM division of Mirae Asset Securities and Rhee Jung-ho will oversee global business activities.

Lee Jun-yong, recognized for his achievements in global investments and exchange-traded funds (ETFs), will lead the asset management business of Mirae Asset Global Investments. Swarup Mohanty will oversee Mirae Asset Financial Group’s India business.

Mirae Asset Securities Chairman and Co-CEO Choi Hyun-man, who co-founded Mirae Asset Financial Group with GSO Park, will step down after 26 years and assume an advisory role.

By Choi Hee-seok and Yoon Yeon-hae

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