Mirae Asset Top Executives 'Generational Change'... 50s Positioned at the Forefront

Mirae Asset Group has carried out an executive reshuffle emphasizing a 'generation change.' All founding generation members, including Chairman Choi Hyun-man, have stepped down from frontline management, and six executives in their 50s, led by Kim Mi-seop, President of Mirae Asset Securities, have been collectively promoted to vice chairman.

On the 23rd, Mirae Asset Group announced this executive promotion. Kim Mi-seop, Heo Seon-ho, and Lee Jeong-ho, presidents of Mirae Asset Securities; Lee Jun-yong, president of Mirae Asset Global Investments; and Kim Jae-sik, president of Mirae Asset Life Insurance, among a total of six, were promoted to vice chairman. The appointments are expected to be finalized soon after a special shareholders' meeting.

The key themes of this reshuffle are 'global' and 'generation change.' As Mirae Asset Group is focusing on overseas businesses including India, the new vice chairman team is composed of executives with extensive experience in global markets such as India and Hong Kong. Additionally, all top executives in their 60s from the early 1960s generation, including Chairman Choi, have retired, and this 'second generation professional management team' is younger, mostly in their mid-50s.

Particularly, industry attention is focused on the fact that Chairman Choi, a co-founder of Mirae Asset Securities and a key close aide often described as 'Park Hyun-joo’s right-hand man,' stepped down just two years after assuming the chairmanship. Park Hyun-joo, Chairman of Mirae Asset Group, said, "Since our founding 26 years ago, the biggest concern has been generation change. Putting aside personal anguish and regrets, we have decided to launch a professional management system preparing for the next 10 years or more."

In the securities industry, there is analysis that this reshuffle is not unrelated to Mirae Asset Securities’ sluggish performance. Mirae Asset Securities’ controlling net profit (consolidated) first surpassed 1 trillion won in 2021 but sharply declined to 619 billion won last year, and this year it is expected to fall further to the high 500 billion won range. Last year’s decline was largely due to the overall sluggish stock market, while this year, evaluation losses on overseas real estate investments and convertible bond evaluation losses due to CJ CGV’s stock price decline have been setbacks.

The stock price of Mirae Asset Securities has also been in a continuous downtrend since reaching 11,100 won in early 2021, currently hovering in the 6,000 won range, reflecting several years of poor performance. Yoon Yoo-dong, a researcher at Hana Securities, said, "Concerns over the soundness of overseas investment assets worth about 4 trillion won are increasing, dampening investor sentiment. Although there had been expectations for upward value adjustments of various investment assets, ongoing domestic and international economic uncertainties make recognition of evaluation losses inevitable."

This content was produced with the assistance of AI translation services.