Senior Vice Chairman Choi Hyun-man of Mirae Asset Securities has been tapped as the next CEO of the Mirae Asset Daewoo Securities when the securities firm is officially launched in December, the company said recently.
The company said on Oct. 10 that the appointments of Senior Vice Chairman Cho Woong-ki of Mirae Asset Securities and Vice President Ma Deuk-rak of Mirae Asset Securities will be put up for approval at a shareholder meeting scheduled for Nov. 4 following the approval at a board meeting this week. President Hong Sung-guk of Mirae Asset Daewoo Securities said he will resign.
Senior Vice Chairman Choi said he will take charge of management strategy, personnel reform, and management of financial risk as his main job. At the same time, he will oversee how CEOs of affiliates are doing, playing the role of the controller.
The integrated Mirae Asset Daewoo Securities will be managed by representatives of its sectors, each charged with the rights to take actions for the sectors they run, unlike under the joint representative system of management where every action should be made in the name of joint representatives.
Vice President Kim Kuk-yong will be a registered director of Mirae Asset Daewoo. Vice President Ma Deuk-rak will be promoted to president of Mirae Asset Daewoo before the merger is completed officially.
Senior Vice Chairman Choi met Chairman Park Hyun-joo when he joined, and worked for the Dongwon Securities in 1989. He helped Chairman Park to set up Mirae Asset Capital in 1997. He returned to Mirae Asset Dasewoo as the senior vice chairman in April after holding a series of top posts in Mirae Asset Group affiliates, including Mirae Asset Capital Management, Mirae Asset Securities and vice chairman of Mirae Asset Life Insurance.
In the meantime, President Hong of Mirae Asset Daewoo expressed his intention to resign at the end of last month, now that the merger of Mirae Asset Securities and KDB Daewoo Securities has been completed. Chairman Park of Mirae Asset Group refused to accept President Hong’s resignation, but President Hong continued to insist on his resignation, the company said.
Hong’s resignation was said to surprise everyone in the company, as Chairman Park had said he could work with Hong for a long time, praising Hong’s moves that got Daewoo Securities to take on the retirement fund business before any other securities firm did publicly.
Hong was still listed as a registered director when the merger of Mirae Asset Securities and Daewoo Securities was officially announced on Oct. 4.
Hong is truly a “Daewoo man,” as he worked for Daewoo Securities for over 30 years and was promoted to president of the securities firm, becoming the first publicly hired employee to go as high as president of the company.
He joined Daewoo Securities in 1986 and was named as the president in 2014.
Chairman Park Hyun-joo of Mirae Asset Management said he would try to build a financial juggernaut in Korea, following business models provided by late business tycoons Chairman Lee Byung-chull and Chairman Chung Ju-yung.
They had achieved impossible dreams with steely determination. He would like to do the same, he said at a media session after Mirae Asset Management was named as the priority bidder in an open bidding for KDB Daewoo Securities Co. on Dec. 28, 2015.
Park had his company anted up 8 trillion won to win the bidding. It was the first media session that Park had in eight years, making it a significant event.
He said the “impossible dream” should be backed up with a practical strategy, putting everything his employees have on the table. “You have to believe in the power of thinking and idealization. You will have bigger dreams and prove that they can be achieved as time passes,” the chairman said.
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